150 Amrapali units sold for Rs 70 crore within one month of NBCC-ASPIRE launch

NBCC is the project management consultant for the Amrapali projects and is responsible for the quality and timely completion of work (Representative picture)

As many as 150 housing units of the embattled Amrapali Group have been sold for Rs 70 crore within a month by Anarock, the channel partner for the sale of the 5,000 unsold apartments.

In November 2021, state-run NBCC had appointed Anarock Property Consultants as the channel partner to sell embattled real estate developer Amrapali Group’s 5,000 housing units in Noida and Greater Noida. Anarock will deploy its proprietary PropTech marketing tools to market these projects.

On July 23, 2019, the top court cancelled the registration of the Amrapali Group under the Real Estate (Regulation and Development) Act, 2016, and ousted it from its prime properties in NCR by nixing land leases for breaching buyers’ trust.

NBCC has undertaken the completion of over 650 units in Noida and more than 4,500 units in 23 projects in Greater Noida under the aegis of Amrapali Stalled Projects and Investment Reconstruction Establishment (ASPIRE) and supervision of the Supreme Court of India.

“More than 41,000 units sold and over 5,000 unsold units in over 20 stalled projects, together accounting for more than 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,” said PK Gupta, CMD – NBCC.

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

The first sales window opened a month ago offers 500 units in the 'Kingswood', 'Golf Homes', and 'Dream Valley Phase 2' projects in Greater Noida, and 'Zodiac' in Noida, on a first-come-first-served basis. An early bird offer period is currently in force, and home loan financing options are available on-site via multiple nationalised banks.

This has been the biggest launch of any real estate project in NCR, comprising 23 projects which include more than 5,600 units of different size apartments.

“The real estate market in Noida and Greater Noida is once again in growth mode, and there is high demand for the revitalised NBCC projects. Unsold housing stock in Noida and Greater Noida has reduced by 21 percent in the last 2 years. The total unsold stock in the two cities collectively stood at 64,010 units by 2019-end; it came down to approximately 50,260 units by 2021-end. Despite the pandemic, the two cities witnessed high sales,” said Santhosh Kumar, Vice Chairman - ANAROCK Group.

“NCR recorded the maximum project completions among the top 7 cities in 2021. Approximately 86,590 units were completed in 2021, out of which Noida has 5,430 completed units while Greater Noida saw 14,750 units completed. Buyer demand today is heavily tilted towards ready properties,” he said.

As per the construction blueprint, all included projects will be completed and delivered by June 2024 at an estimated project cost of Rs 8,189.82 crore to Rs 3,870.38 crore via sold inventory receivables, Rs 2,215.79 crore via marketing of currently unsold inventory, Rs 951.15 crore via attached properties, Rs 342.74 crore via surrendered units, and Rs 88.97 crore via marketable commercial spaces, and FAR approximately Rs 1,220 crore.