The Greater Noida Industrial Development Authority (GNIDA) announced that additional construction in projects of the beleaguered Amrapali Group, being undertaken by the public sector company NBCC through a Supreme Court-monitored process, has received clearance.
The GNIDA anticipates a revenue windfall of Rs 4.5 billion by permitting extra floor area ratio (FAR) in the projects. NBCC, under the supervision of Supreme Court-appointed receiver R Venkataramani, is currently progressing with the completion of five residential projects of Amrapali ? Centurion, Smart City, Leisure Park, Leisure Valley, and Dream Valley in Greater Noida.
For these residential projects, the GNIDA had originally allocated 317 acre of land. In a bid to generate funds, NBCC had previously requested GNIDA to increase FAR. This would enable the construction of additional flats and houses, providing an opportunity to sell them and raise funds for other stalled projects of the Noida-based group, which faced financial difficulties with its owner imprisoned for alleged diversion of funds.
