Anarock to facilitate sale of 5,400 flats of Amrapali for Rs 2k cr in NCR

Homegrown housing brokerage firm Anarock, which has got the mandate to sell around 5,400 unsold flats of erstwhile Amrapali group, on Thursday said it has facilitated the sale of 150 units for Rs 70 crore in the last one month and expects a total sales bookings of over Rs 2,200 crore in the next four years.

The 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.

The proceeds from unsold units will be utilised to complete the stalled projects of Amrapali group.

"We have got the mandate as exclusive channel partner for the sale of around 5,400 unsold homes in projects by the erstwhile Amrapali Group. The total sales bookings in value terms is estimated at about Rs 2,200 crore," Anarock Vice Chairman Santhosh Kumar told PTI.

The company has already facilitated sales of 150 units for Rs 70 crore within just 30 days, the property consultant said in a statement.

Anarock, which was founded by Anuj Puri in April 2017, said it would deploy proprietary PropTech marketing tools to market these projects.

NBCC Chairman and Managing Director (CMD) P K Gupta said: "41,000+ sold and 5,000+ unsold units in 20+ stalled projects, together accounting for 46,000+ units, will be delivered by NBCC in tranches by June 2024. It is the beginning of the biggest customer redressal initiative in the history of Noida/Greater Noida's real estate market."

In the first phase, the properties on offer range from 1 BHKs to penthouses priced between Rs 20 lakh to Rs 1.5 crore in 20 projects in Noida and Greater Noida.

According to Anarock, all included projects of Amrapali group will be completed and delivered by June 2024 at an estimated project cost of Rs 8,189.82 crore.

As per the estimate, Rs 3,870.38 crore will come from sold inventory, Rs 2,215.79 crore via marketing of currently unsold inventory, Rs 951.15 crore from attached properties, Rs 342.74 crore via surrendered units, and Rs 88.97 crore through marketable commercial spaces, and sale of FAR (Floor Area Ratio) for about Rs 1,220 crore.

"The real estate market in Noida and Greater Noida is once again in growth mode, and there is high demand for the revitalized NBCC projects," Kumar said.

Talking about the NCR property market, he said the unsold housing stock in Noida and Greater Noida has reduced by 21 per cent in the last two years.

The total unsold stock in the two cities collectively stood at 64,010 units by 2019-end and it came down to 50,260 units by 2021-end, Anarock said.

"NCR recorded the maximum project completions among the top seven cities in 2021. Approx 86,590 units were completed in 2021, out of which Noida 5,430 units completed while in Greater Noida saw 14,750 units completed. Buyer demand today is heavily tilted towards ready properties," he added.

It is to be noted that Noida and Greater Noida property markets have been badly affected due to defaults in deliveries by many developers including Jaypee Infratech, Amrapali and Unitech Ltd. Investment of thousands of homebuyers is stuck from 7-10 years.

Noida and Greater Noida markets are largely dominated by local players such as Gaurs group, ATS, Eldeco, Mahagun, Supertech, Prateek group, Migsun group and ACE group. However, in the last few years, some large players including DLF, Godrej Properties, Tata Housing, Kalpataru and Max Estate have entered this region with their real estate projects.