All stalled Amrapali's housing projects to be completed by Mar'25: NBCC CMD K P Mahadevaswamy

New Delhi: State-owned NBCC has completed around 13,500 homes so far in the stalled housing projects of Amrapali across Noida and Greater Noida and will construct the remaining nearly 25,000 apartments by March 2025, a top company official said.

As per the direction of the Supreme Court, Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) was formed to complete the stuck projects of Amrapali through NBCC (India) Ltd.

"NBCC is committed towards completing Amrapali Projects despite challenges. We are dedicating our resources so that the dream of house ownership of home buyers of the project is fulfilled. We expect to complete all the projects by March 2025," NBCC CMD K P Mahadevaswamy told PTI.

He highlighted that NBCC has completed around 13,500 flats so far and out of that, 5,100 units have been handed over to the customers.

According to NBCC, there were 46,575 apartments across 25 housing projects and out of that 8,416 units were already occupied by home buyers prior to the Supreme Court judgment in July 2019.

As a project management consultant (PMC), NBCC got the mandate of completing the remaining 38,159 units and also the pending common facilities in those projects where 8,416 units were already delivered with an estimated cost of Rs 8,266 crore.

Out of its total scope, NBCC completed the work of around of Rs 5512.10 crore till September 2023 and Rs 5,229.60 crore was received from the clients till October 23 this year.

To complete these 25 projects, SBICAP Ventures Ltd has sanctioned the funding of Rs 650 crore for 6 projects.

Further, a consortium of seven banks -- Bank of Baroda (Lead Bank), Indian Bank, State bank of India, Punjab National Bank, UCO Bank, Bank of India and Punjab & Sind Bank -- has sanctioned Rs 1,500 crore and released around Rs 1,496.45 crore till August 2023.

The Supreme Court had granted permission to NBCC to effectuate sale of unsold inventories and Floor Area Ratio (FARs) under the supervision of the court Receiver.

Real estate consultants Anarock and Star Estates were roped in to sell unsold units. So far, flats worth Rs 2,500 crore have been sold.

Founded in 1960, NBCC, a navratna CPSE, has three main areas of operation-- Project Management Consultancy (PMC) where it executes landmark projects in diversified sectors as also redevelopment projects for government, Engineering Procurement & Construction (EPC) and Real Estate Development.