NBCC completes 150 stalled real estate projects in Greater Noida

National Buildings Construction Corporation Limited (NBCC) has completed 150 stalled projects. The Supreme Court said that 150 homebuyers of Amrapali in a project in Greater Noida would be given possession letters on 4 November.

As per the court, for the first time, 150 homebuyers would be given possession letters for the flats after Amrapali ran into trouble and financial issues.

R Venkataramani, a senior advocate, said that 300 flats are near completion, and NBCC completed 150 flats, which will be handed over by Diwali. He added that the State Bank of India (SBI) and the UCO Bank have approved to pledge Rs 450 crore, and the Bank of Baroda has agreed to infuse funds to complete the stalled projects.

The bench members suggested the banks issue their final proposal in two weeks and file a compliance report.

On 3 September, the court warned the homebuyers of Amrapali Group, who are not clearing dues according to the payment plan as their housing unit can get cancelled, and it will be considered an unsold inventory.

It said that there are two categories of home buyers. The first category has 9,538 homebuyers, who are neither registered in the Customer Data nor made any payments subsequent to the court's verdict. The second category of buyers has 6,210 home buyers who have registered on the Customer Data but have not made a payment since the judgement made by the court.

NBCC said that despite the Covid-19 pandemic, the company is making all the efforts to complete the Amrapali projects in Noida and Greater Noida.

It further said that ten projects in Noida and 12 projects in Greater Noida are under execution involving 45,957 housing units with the sanction cost of Rs 8,025.78 crore.

The court has directed scrutiny into alleged money laundering by real estate developers, providing relief to more than 42,000 homebuyers of Amrapali.

The Supreme Court is trying to bring in funds for the stalled projects and has directed NBCC to complete the stalled projects in Amrapali Group.

Image Source

---

Also read: SWAMIH Fund to invest in six Amrapali projects worth Rs 650 cr