Anarock facilitates sale of 1,455 unsold units so far in stalled projects

Property consultant Anarock, which has got the mandate to sell over 5,000 unsold flats of erstwhile Amrapali group, on Wednesday said it has facilitated the sale of 1,455 housing units so far.

State-owned NBCC has undertaken the completion of many residential projects in Noida and Greater Noida under the aegis of Amrapali Stalled Projects and Investment Reconstruction Establishment (ASPIRE) and supervision of the Supreme Court of India.

"To date, Anarock has sold 1,455 homes in the NBCC Aspire mandate, with 520 units having been sold in the last three months alone," Anarock said in a statement.

Of about 5,200 unsold units in these projects, the consultant said that about 4,000 are still up for sale.

Anarock was appointed as the exclusive agent to market and sell these units, it added. These unsold units are spread across 22 projects in Noida and Noida Extension.

Overall, there are over 40,000 undelivered homes in these projects, for which customers have been waiting for many years.

"Initially, there was understandable uncertainty about how these projects would get completed.

"The situation is all the more remarkable and unique since there have been no past precedents wherein the Supreme Court took over a real estate project with the intention of seeing it to completion and handing them over to customers," Santhosh Kumar, Vice Chairman of Anarock, said.

The Delhi-NCR market, especially Noida and Greater Noida, has been hit badly because of the defaults in completing projects by many builders, including Amrapali, Jaypee Infratech, Unitech and The 3C Group. More than one lakh homebuyers are stuck across various projects.