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Bank of Baroda sanctions Rs 300 crore for construction of Amrapali housing projects in Noida, Greater Noida: Sources

On February 21, the Supreme Court was informed by the court-appointed receiver that several rounds of discussions with banks had taken place, the documentation work is completed and funds worth Rs 1,500 crore have been arranged.

The court had in 2019 asked the government’s construction arm to finish and deliver 38,159 flats by the erstwhile Amrapali Group by 2023.

The court had in 2019 asked the government’s construction arm to finish and deliver 38,159 flats by the erstwhile Amrapali Group by 2023.

Days after the Supreme Court directed the consortium of banks to release funds for construction of Amrapali housing projects, Bank of Baroda has sanctioned its share of Rs 300 crore, sources told Moneycontrol.

Bank of Baroda, the lead bank of the consortium of seven banks, has sanctioned Rs 300 crore, sources said, adding other banks are expected to follow suit.

There was no response from Bank of Baroda.

On February 21, the Supreme Court was informed by the court-appointed receiver, senior advocate R. Venkataramani, that several rounds of discussions with banks had taken place, the documentation work is completed and funds worth Rs 1,500 crore have been arranged.