State-owned NBCC sells 5,000 flats of Amrapali Group for Rs 2,900 crore

State-owned NBCC on Tuesday announced sales of 5,000 units for Rs 2,900 crore across several residential projects of erstwhile Amrapali Group.

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.

"In a step towards the resolution of the stuck Amrapali project, NBCC has completed the sale of 5,000 flats having a value of around Rs 2,900 crore. This is a significant step towards delivering relief to the thousands of purchasers who have been waiting for years for their apartments," the company said in a statement.

With this, the company has completed the sale of over 80 per cent of the inventory available.

The sale of these 5,000 units has been conducted by ASPIRE, a company floated to complete the pending Amrapali projects, under the supervision of the Supreme Court-appointed court receiver.

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.

In the statement, NBCC said there are 26 projects in total with 11 projects in Noida, 14 projects in Greater Noida and one project in Manesar.

NBCC has completed 11 projects in Noida and Greater Noida, while 14 projects are under execution. A strong workforce of approximately 8,000 is working across various projects.

One commercial project in Greater Noida Tech Park is yet to be started.

NBCC CMD K P Mahadevaswamy had told PTI in October that, "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".