NBCC is the project management consultant for the Amrapali projects and is responsible for the quality and timely completion of work (Representative picture)
The government’s construction arm NBCC which is tasked with delivering 38,159 flats by the erstwhile Amrapali Group by 2023, has floated a tender for sale of unused balance floor area ratio (FAR) of Amrapali Princely Estate project located in Noida for Rs 40 crore, NBCC sources told Moneycontrol.
“The FAR spread across 2 lakh sq ft space is for sale. We hope to realise Rs 40 crore from the sale. The amount will go into completion of unfinished units of erstwhile Amrapali Group,” sources said.
Moneycontrol has a copy of the notice inviting tender through an e-auction.
The auction is expected to take place on September 3, the document said.
“NBCC (India) Ltd announces on behalf of the Court Receiver for sale of unused sanctioned FAR and extra FAR over and above sanctioned FAR (up to 3.5 FAR) of Princely Estate Project of erstwhile Amrapali Group,” the notice said.
The last date of submission of the pre-bid is August 29, 2021, and the earnest money deposit is Rs 4 crore, the document said.
The Princely Estate plot is located in Sector 76, Noida. The minimum reserve price for unused FAR at Princely Estate is Rs 40 crore.
The intended bidder/purchaser may purchase unused sanctioned FAR as a separate entity from the existing/adjacent housing/project. For the purpose, the scheme for new construction shall be redesigned/revised by the intended bidder/purchaser from the existing scheme and submitted to the court receiver for its approval after making upfront fee of 20 percent of the total sale value to the court receiver, the document said.
A separate entry/exit shall be provided by the bidder as per revised sanction plan by Noida Authority. If approved, separation/retaining wall is to be constructed by the purchaser/builder. The entry/exit shown in the sanctioned plan for the vacant plot/unused FAR area may not be operational for vehicular movement /pedestal movement due to existing metro-line at entry/exit gate outside the plot. Hence, suitable entry/exit shall be planned for the vacant plot/unused FAR area in the revised plan with the consent /approval of the court receiver/Noida Authority, the document said.
Floor Area Ratio (FAR) is the ratio of the total floor area of a building to the land area on which the building has been constructed. It indicates the total area on all floors that can be built on a plot of land. FSI of 150 means that 1.5 times the land area can be constructed on the land.
Earlier, NBCC had invited bids from property consultants to take over the sale of over 5,000 unsold units of the erstwhile Amrapali Group. Four brokerage firms are in the race. These include Investors Clinic, Square Yards, Quikr Realty (earlier known as HDFC Realty) and JLL.
“Technical evaluation is currently on. The procedure is expected to be completed by the end of this week,” sources told Moneycontrol.
The Supreme Court-appointed court receiver R Venkataramani, tasked with monitoring the construction of Amrapali projects, had said in a note submitted before the apex court last week that 9,538 homebuyers have neither registered on the website nor made payments since the July 2019 order passed by the court
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 after several homebuyers sought its intervention, complaining about years of delay in handing over their homes.
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 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. SBICap has agreed to fund Rs 650 crore for around 7,000 stuck units.
It is for this reason that the company Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) has been floated. It consists of a court receiver, a forensic auditor and a chartered accountant. It is a not-for-profit company under Section 8 of Companies Act, 2013.