State-owned NBCC has announced the completion of the sale of 5,000 residential units valued at Rs 2,900 crore across various projects of the Amrapali Group, as part of the Supreme Court-directed initiative through Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE). This significant milestone represents over 80 percent of the available inventory, providing relief to buyers who have awaited possession for years. NBCC, committed to completing Amrapali projects, aims to finish all remaining projects by March 2025, as it actively addresses challenges and contributes to the resolution of the long-standing issue of stalled residential developments.
Earlier this week, state-owned NBCC (National Buildings Construction Corporation) announced the successful sale of 5,000 residential units valued at Rs 2,900 crore across various projects previously owned by the Amrapali Group. Following the Supreme Court's directive, the Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) was established to oversee the completion of Amrapali's stalled projects through NBCC (India) Ltd. This development represents a significant milestone in resolving Amrapali's stuck projects and providing relief to thousands of buyers who have awaited possession for years.
According to a statement by NBCC, the sale of the 5,000 units, accounting for over 80 percent of the available inventory, was executed by ASPIRE under the supervision of the Supreme Court-appointed court receiver. The formation of ASPIRE was a crucial step in expediting the completion of Amrapali's pending projects and ensuring the delivery of long-awaited homes to buyers.
Before the Supreme Court's judgment in July 2019, there were a total of 46,575 apartments across 25 housing projects under Amrapali's umbrella. Of these, 8,416 units were already occupied by homebuyers. As the project management consultant (PMC), NBCC was tasked with completing the remaining 38,159 units and addressing pending common facilities in projects where 8,416 units were already delivered. The estimated cost for completing these projects was pegged at Rs 8,266 crore.
NBCC highlighted that the portfolio comprises 26 projects in total, with 11 projects located in Noida, 14 in Greater Noida, and one in Manesar. Of these, NBCC has successfully completed 11 projects in Noida and Greater Noida, with work underway on the remaining 14 projects. A workforce of approximately 8,000 is actively engaged across various projects, with only one commercial project in Greater Noida Tech Park yet to commence.
NBCC's Chairman and Managing Director, K P Mahadevaswamy, expressed the corporation's commitment to completing Amrapali projects despite the challenges. He emphasized that NBCC is dedicating its resources to fulfil the dream of homeownership for buyers affected by the Amrapali projects. The target set by NBCC is to complete all projects by March 2025, reflecting the corporation's determination to overcome obstacles and bring closure to the long-standing issue of stalled residential projects.
The successful sale of 5,000 units signifies a substantial stride towards resolving the Amrapali crisis, with NBCC actively contributing to the revival of stuck projects and the eventual handover of properties to buyers who have been patiently awaiting the fulfilment of their homeownership aspirations.
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