State-owned NBCC has announced plans to develop an additional 13,500 flats across five ongoing NBCC Amrapali projects development in Greater Noida, investing a substantial Rs 10,000 crore. This decision follows the local authority’s approval to develop unused land parcels, enabling NBCC to meet construction costs, repay bank debts, and clear statutory payments to local development authorities. These developments are part of the Supreme Court’s directive to complete stalled Amrapali housing projects through NBCC.
NBCC expects to generate revenue of Rs 15,000 crore from these 13,500 flats, which will help in completing the pending projects and fulfilling its commitments to homebuyers. In 2019, R Venkataramani, Senior Advocate of the Supreme Court, was appointed as the Court Receiver for Amrapali’s stalled projects, a role he continues to hold while also serving as the Attorney General of India. Venkataramani expressed gratitude to the Supreme Court for ensuring the completion of all stalled projects, describing it as an unprecedented effort globally.
Venkataramani highlighted the challenges faced in reviving the projects and securing fresh funding from homebuyers and banks. Consulting homebuyers played a crucial role in instilling confidence and garnering support for the projects. He emphasized the need for innovative solutions to address issues in the real estate sector and accommodate rapid urbanization.
NBCC CMD K P Mahadevaswamy elaborated on the upcoming projects, stating that the Greater Noida Industrial Development Authority has approved development on 75 acres of unused land in five existing residential projects of Amrapali. This new floor-area ratio (FAR) will allow NBCC to develop 13,500 apartments across 80 residential towers, with an estimated investment of Rs 10,000 crore and a sales realization of Rs 15,000 crore.
Mahadevaswamy assured that the development on unused land parcels will not compromise green spaces or other amenities promised to homebuyers. He also mentioned that NBCC has completed around 16,000 flats so far, with 6,000 units already handed over to customers. The company plans to complete 21,000 units by December this year and the remaining 1,000 units by March 2025.
In addition to the ongoing projects, NBCC has been tasked with completing the remaining 38,159 units across various projects in Noida and Greater Noida, at a cost of Rs 8,266 crore. The company has already taken a loan of Rs 1,500 crore from a consortium of banks for this purpose. Real estate consultants Anarock and Star Estates have been appointed to sell unsold units under the supervision of the court Receiver.
NBCC, founded in 1960, operates in three main areas-Project Management Consultancy (PMC), Engineering Procurement & Construction (EPC), and Real Estate Development. As a navratna CPSE, NBCC has been instrumental in executing landmark projects and redevelopment projects for the government.
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