NBCC gets approval from Greater Noida Authority to develop 5 Amrapali projects - Hindustan Times
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NBCC gets approval from Greater Noida Authority to develop five Amrapali projects worth 10,000 crore

Feb 21, 2024 09:14 PM IST

In 2019, NBCC was appointed PMC and Amrapali Stalled Projects Investments Reconstruction Establishment was floated to complete Amrapali's stuck projects

The government’s construction arm NBCC has received approval from Greater Noida Authority to develop unused and purchasable floor area ratio (FAR) in five Amrapali projects worth 10,000 crore, the company said in a regulatory filing.

The government’s construction arm NBCC has received approval from Greater Noida Authority to develop unused and purchasable floor area ratio (FAR) in five Amrapali projects worth <span class='webrupee'>₹</span>10,000 crore (HT Archive)
The government’s construction arm NBCC has received approval from Greater Noida Authority to develop unused and purchasable floor area ratio (FAR) in five Amrapali projects worth 10,000 crore (HT Archive)

“This is to inform that NBCC (India) Limited has obtained the in-principle approval of Greater Noida Authority for the development of unused and purchasable FAR in furtherance of existing projects of Amrapali valuing 10,000 crore (approximately),” the company said in a regulatory filing.

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The five projects include Centurian Park, GH-05, Sector Tech Zone-IV, Greater Noida 2; Golf Homes, GH-02, Sector-4, Greater Noida; Leisure Park, GH-01, Tech Zone-IV, Greater Noida; Leisure Valley, GH-02, Tech Zone-IV, Greater Noida and Dream Valley, GH-09, Tech Zone-IV, Greater Noida, it said.

In 2019, NBCC Ltd, the government-owned construction company, was tasked by the Supreme Court to complete 26 stalled Amrapali projects that include 38,500 housing units. NBCC was appointed as project management consultant (PMC) that year and Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) was floated to complete the stuck projects of Amrapali under the supervision of the Supreme Court-appointed court receiver.

In March 2023, the Supreme Court had asked NBCC to submit a proposal on unused Floor Area Ratio which is the ratio between a building’s total constructed floor area and the land area. Sources said that this additional FAR would allow NBCC to construct new dwellings on the unused land in the five projects, sell them and utilize the proceeds to pay off the embattled firm’s pending dues.

Also Read: Amrapali projects: Relief in sight for homebuyers as 6 banks form consortium to set aside funds for stalled projects

In December 2023, the company had announced sales of 5,000 units for 2,900 crore across several residential projects of the erstwhile Amrapali Group.

NBCC had said in December that there are 26 projects in total with 11 projects in Noida, 14 projects in Greater Noida and one project in Manesar. NBCC had said then that it has completed 11 projects in Noida and Greater Noida, while 14 projects are under execution. One commercial project in Greater Noida Tech Park is yet to be started.

Also Read: Flat registrations in Noida, Greater Noida: Supreme Court reverses 8% interest cap for land cost dues

This week, NBCC had said in a regulatory filing that it has secured a contract worth 332 crore for infrastructure development works for Rani Lakshmi Bai Central Agriculture University. The project cost is 331.9 crore.

It had also said in a regulatory filing that it has bagged a contract worth 560 crore to construct a permanent campus of the National Institute of Technology, Sikkim.

In a statement, NBCC had also said that the World Trade Centre situated at Nauroji Nagar in the national capital is expected to be completed this fiscal. The project is rapidly progressing towards completion with more than 90 per cent of physical progress achieved, it had said.

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