NBCC explores options in NCR, Mumbai after completion of 16000 Amrapali flats in….The government’s construction arm, NBCC, has completed up to 16,000 Amrapali flats that had been stuck for years and given them to homebuyers. Now, it is looking into a few options in Mumbai and the NCR to help thousands of distressed buyers.In order to help thousands of homebuyers, NBCC is in discussions with the RERA Authorities in Uttar Pradesh and Haryana regarding additional stressed real estate project options.The government’s construction arm, NBCC, has completed up to 16,000 Amrapali flats that had been stuck for years and given them to homebuyers. Now, it is looking into a few options in Mumbai and the NCR to help thousands of distressed buyers. K P Mahadevaswamy, chairman and managing director, NBCC (India) Limited, said at a recently held investors’ call, “We hope to use/encash the Amrapali project experience and expertise. We are examining the feasibility of a few more stressed real-life projects. We’re exploring other such projects in NCR, Mumbai regions wherein distressed buyers are facing such problems for long.”Talks between NBCC and RERA, Haryana, are ongoing. He informed analysts,“They want to start projects in Haryana, Gurgaon, which is in advanced stages. As for Noida /Greater Noida, various stuck projects we are discussing with UP RERA, but I think we are going to get to Haryana at the earliest and I think this shall be the next stressed project.”The Supreme Court gave NBCC a ₹8,266 crore project in 2019 to finish about 38,000 flats in multiple Amrapali projects, primarily in Noida and Greater Noida. The ₹1,500 crore loan has been obtained from a group of banks.NBCC claims that before the July 2019 ruling by the Supreme Court, there were 46,575 apartments spread across 25 housing projects, of which homeowners already occupied 8,416. NBCC was given the task of finishing the 38,159 units that are still unfinished as well as the unfinished common areas in the projects where 8,416 units have already been delivered in its capacity as a project management consultant (PMC).Additionally, Mahadevaswamy informed reporters that NBCC would be building 13,250 upscale apartments in five Amrapali projects currently under development in Greater Noida. The Greater Noida Authority has granted NBCC permission to develop unused and purchasable floor area ratios (FAR) valued at 10,000 crore.NBCC anticipates earning ₹15,000 crore from the development of these extra 13,250 flats on the 75 acres that it was granted access to after the Greater Noida Authority approved the FAR. It is anticipated that construction on these units will start in June or July of this year. These would mainly be luxury flats of 2, 3, and 4 BHK. In the Tech Zone-IV sector of Greater Noida West, the 13,500 apartments will be constructed in Centurian Park, Golf Homes , Leisure Park, Leisure Valley, and Dream Valley.

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NBCC explores options in NCR, Mumbai after completion of 16000 Amrapali flats in….