Brokerage firms in race to sell Amrapali housing units in Noida

A group of brokerage firms have lined up to participate in the sale of property developer Amrapali Group’s 5,192 housing items in Noida and Greater Noida, priced at Rs 2,182.57 crore. The firms within the competition are Square Yards, Quikr Realty (earlier often known as HDFC Realty), Investors Clinic and JLL. State-run NBCC had invited tenders from property consultants to take over the selling of housing items of and similarly, 21,897 sq ft of business area cost Rs 25 crore. The bids have to be approved until July 29. However, NBCC extended the deadline till August 5 following requests from several firms who wanted extra time to judge their tenders. Gupta said that they are also likely to close to Rs 600 crore from SBI CAP. They are likely to cover up the lost time and deliver the project on time as the chosen firm will help them in selling the units and raising capital. NBCC is trying to fund the challenge by the sale of unsold items, further FAR and stable receivables from the current prospects. The housing items are likely to be priced lower than the market charge to attract prospects. About 40,000 homebuyers in Amrapali’s properties are likely to suffer additional delays in the supply of their homes as the contractors involved in the jobs have threatened to halt work after steady setbacks in funds from NBCC. Gupta said that there has been some delay due to Covid-19 but things will be back on track soon. They expect the sales to pick up and they will complete the project on time. NBCC is concerned with the fulfilment of 23 Amrapali Housing tasks, which have been caught amid a fund crisis and declared monetary mismanagement at the true property agency. NBCC acquired the tasks after a Supreme Court order. The courtroom had further elected a receiver to sell a few of Amrapali’s belongings like land to lift funds for task completion. As per the NBCC tender doc for the appointment of channel associate on the market of housing items and business areas, the selected company must clear the inventory within 30 months. According to the tender doc, the channel associate’s function will include website visits with potential consumers, making ready and sharing market stories, handling all sale-related questions from intending consumers, helping NBCC in making ready and making shows to potential customers and helping transaction closure with potential customers. The selected bidder is predicted to sell 4% of the items within two months, 25% in six months and 85% in 18 months. The price of task completion is valued at around Rs 8,500 crore, in keeping with consultants. Image Source Also read: Affordable rental housing: DDA nods scheme under Delhi master plan Also read: AP to develop layouts to offer housing for middle-class families