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20 Amrapali housing units worth Rs 20 crore sold by NBCC

The government’s construction arm received 95 applications for the draw that was launched in March this year

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The government’s state-run arm NBCC has sold 20 of the 49 residential units spread across Amrapali projects in Noida and Greater Noida worth Rs 20 crore, sources said.

It had received 95 applications for the 49 residential units. Demand for the six commercial units was subdued, they said.

The units had been put up for sale in the month of March and the results of the offline draw were announced on June 14, sources said.

The units have been completed by the state-run company NBCC tasked by the Supreme Court to complete the pending works. The amount realised from the sale of 20 units would be close to Rs 20 crore, they said.

"The four villa units received overwhelming response and are sold out. As many as 11 units have been sold in Sapphire 1 and 2. In Zodiac which comprises penthouses, three units have been sold out of 23 and in Silicon City 1 and 2, two units out of three have been sold," they said.

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There are 65 people in the waiting list, NBCC sources said.

The waiting list would be out by June 16. Those who are in the list would be given the option to choose from the remaining 29 units otherwise the Rs 5 lakh deposited by them would be refunded, they said.

Those who have made it to the list would have to deposit 20% of the amount immediately and the remaining amount within the next three months. They can move in by September, they said.

NBCC confirmed that the  total number of applications received was 95 in number, out of which eight applicants requested to withdraw their applications. The total units sold were 20 that were worth approximately Rs 20 crore, it said.

The residential units had included four villas and 27 penthouses with prices ranging from around Rs 64 lakh to Rs 2.04 crore. Six commercial units were also on sale.

Applications were open until March 10 and the booking amount was Rs 5 lakh.

These units are spread across projects such as Sapphire 1 in Sector 45, Noida; Sapphire 2 in Sector 45 Noida; Platinum, Sector 119, Noida; Zodiac, Sector 120, Noida; Silicon City 1, Sector 76, Noida; Dream Valley villas, Tech Zone IV, Greater Noida and Silicon City 2, Sector 76, Noida.

The court had in 2019 asked the government’s construction arm to finish and deliver 38,159 flats by 2023 after several homebuyers sought its intervention, complaining about years of delay in handing over their homes.

The SC on October 13, 2020 had permitted the court receiver to incorporate a special purpose vehicle (SPV) to enable flow of funds from SBICap for completion of unfinished projects. It is for this reason that the company Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) has been floated. It consists of a court receiver, forensic auditor and chartered accountant. It is a not-for-profit company under Section 8 of Companies Act, 2013.

ASPIRE announced the sale of the units through an open draw on February 7, 2021.

The size of the residential units varies from 1,180 sq ft to 4,195 sq ft and that of the commercial properties from 355 sq ft to 600 sq ft.

Amrapali Group Projects have 46,575 apartments, of which 8,416 units are occupied. As many as 38,159 units are under execution by NBCC and these include 5,229 unsold apartments. Of the 38,159 units, close to 2,000 units have been completed by NBCC, which handed over two projects of 618 units in late 2019 (Eden Park in Noida and Castle in Greater Noida). Around 1400 have been completed in other projects.

NBCC is the project management consultant for the Amrapali projects and is responsible for the quality and timely completion of work.

As for the amount that is expected to be realised from the sale of 5,229 unsold units, sources said it would be around Rs 2,400 crore.

The total cost of completing all stuck projects by Amrapali Group is approximately Rs 8,500 crore. NBCC is executing these projects as PMC and would get 8 percent as fees. It is not using its funds, which are being facilitated by a receiver appointed by the Supreme Court.

The main source of funds is the pending dues — around Rs 3,870 crore —from the owners of the apartments that have been sold and Rs 3,000 crore, the worth of unsold residential units. The remaining amount will accrue from sold and unsold commercial units, sale of FAR, surrendered or attached flats and the sale of Amrapali Group’s attached properties.

SBI Cap is also funding Rs 650 crore for six projects to bridge the temporary liquidity gap.

More than 40,000 homebuyers invested in various Amrapali projects, most of which are in Noida and Greater Noida, more than eight years ago. NBCC has already completed and handed over two stalled 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.
Vandana Ramnani
first published: Jun 15, 2021 09:13 pm

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