Legally Bharat

The Supreme Court has cleared the way for state-run NBCC to generate an additional Rs 15,000 crore from Amrapali projects by developing additional flats in the project.

The fund will also be used to deliver homes to 16,000 existing homebuyers, whose construction was stuck due to lack of fund.

NBCC will pay Rs 484.92 crore to Greater Noida authority and Rs 258.24 crore to Noida authority inclusive of 18% GST for the purchasable FAR.

The cost will be paid in two equal instalments by January 2025 and March 2025.

“The fund generated through sale will help us in completing the stuck units of Amrapali projects and clear dues of the bank. Any surplus amount will be used to clear the dues of Noida and Greater Noida authority. The authority will have to sanction map within a month following which we will launch the project,” K P Mahadevaswamy, Chairman and Managing Director, NBCC (India) Limited told ET.

The NBCC had requested the local authority to grant additional FAR (floor area ratio) so that it can construct more apartments and generate cash flow for stuck projects.

An additional 75-acre land will be available to develop which will allow NBCC to construct 13,250 houses.

About Rs 1550 crore has it be given to banks while about Rs 3,000 crore due is pending to the Greater Noida authority.

More than 41,000 sold and 5,000 unsold units in over 20 stalled projects, together accounting for about 46,000 units, has to be delivered by NBCC in tranches.

NBCC has already delivered 22,000 homes of the 38,000 homes it was tasked to complete.

All transactions related to Amrapali projects takes place under the banner of Court Receiver Committee, created specifically to revive almost 46000 stalled homes. NBCC has appointed construction partners in all affected projects, and construction is underway at every site.

NBCC has sold over 5,000 units of Amrapali, almost 90% of the available inventory, raising over Rs 2,000 crore, which will also help it to fund the construction of stuck projects.

  • Published On Aug 29, 2024 at 09:20 PM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETLegalWorld App

  • Get Realtime updates
  • Save your favourite articles


Scan to download App


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *