NBCC invests Rs 670 million in Amrapali ventures

05 Jun 2023 CW Team

NBCC plans to invest Rs 670 million in the reinforcement of six Amrapali projects' buildings. This decision comes after a structural audit revealed concerns about the current condition of the structures.

The projects affected by the identified structural deficiencies include Sapphire Phase 1, Sapphire Phase 2, Princely Estate, Zodiac, Platinum, and Titanium.

There is deterioration in various parts of the building, which necessitates major repairs, upgrades, or replacement of elements. It is necessary to prevent further deterioration and excessive wear and tear, as well as restore the structure to its original condition as much as possible.

The audit covered all the projects. Some of these buildings were constructed nearly ten years ago and had not received proper maintenance since then.

Amrapali's projects had been facing delays due to financial mismanagement and a shortage of funds at the real estate firm. The Supreme Court directed NBCC to take over these projects. NBCC had assured the court of ensuring good quality construction for the stalled Amrapali Group projects, and independent experts would assess safety and quality standards. Homebuyers in these projects sought the court's intervention to ensure quality control of NBCC's work.

NBCC is currently facing a fund shortage to complete the projects and relies on receivables from existing customers. To fund the construction of the stalled projects, the company has expedited the sale of unsold units from the Amrapali projects.

Property consultant Anarock, entrusted with selling over 5,000 units of Amrapali in Noida and Greater Noida, has already raised Rs 12.59 billion by selling approximately 2,500 units.

NBCC aims to deliver more than 46,000 housing units in over 20 stalled projects, with around 41,000 units already sold. The delivery is projected to occur in phases by June 2024.

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