NBCC To Soon Invite Tenders For Three Stalled Amrapali Projects
An Amrapali Group project in Noida. Supreme Court has cancelled Amrapali Group’s RERA registration and told NBCC India to finish construction of the pending projects. (Photographer: Anindito Mukherjee/Bloomberg)

NBCC To Soon Invite Tenders For Three Stalled Amrapali Projects

Bookmark

In a relief to distressed homebuyers of Amrapali, state-owned NBCC (India) Ltd. on Monday said it will soon invite tenders for construction of three stalled housing projects of the crisis-hit realty firm.

"Supreme Court-constituted Committee under the Chairmanship of Ld. Court Receiver, R Venkataramani, on 9th April, 2020, gives go ahead asking NBCC to call tenders for execution of three more Amrapali stalled projects of Noida-Greater Noida (UP)," the company said in a statement.

"These projects are Leisure Park Ph 1 & 2, Leisure Park - River View and Kingswood in Smart City, comprising 4,489 units in all valued at Rs 1,046 crore," it added.

Last month, NBCC got nod for tendering and execution of nine Amrapali projects in Noida and Greater Noida, assuring timely release of funds.

These projects included eight projects in Greater Noida namely Leisure Valley Villas, Verona, Adarsh Awas Yojna, Golf Homes, Dream Valley Phase 1 Villas and Phase 2, Enchante, Terrace Homes and Tropical Garden in Centurian and 1 Project Crystal Homes in Silicon at Noida, all comprising 27,223 houses and valuing Rs 5,769 crore.

NBCC has started the process of tendering for all these projects even during the lockdown period.

"This apart, execution work of eight Stalled Amrapali Noida-Greater Noida projects tendered and awarded earlier (seven at Noida and one at Greater Noida), comprising a total of 12,169 Units and valuing Rs 634 crore, has been started by the company and scheduled to be completed in stages in another 12-24 months," the statement said.

The Supreme Court had last year asked NBCC to execute 2-stalled Projects to begin with, namely Eden Park in Noida and Castle in Greater Noida, comprising 618 Houses, which NBCC has already completed and handed over.

"Thus action has been initiated for construction of a total of 44,500 houses (including 618 houses already completed) out of about 46,500 houses in Amrapali project providing huge relief to stressed homebuyers," it said.

The Court Receiver on behalf of the Supreme Court, however, has called upon the affected homebuyers to promptly deposit all their pending payments with the designated bank account provided by the court for successful completion of the housing projects.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.