State-owned NBCC on Wednesday said it got approval from Noida Authority to develop five Amrapali projects worth Rs 10,000 crore.
"NBCC (India) Limited has obtained the in-principle approval of Greater Noida Authority for the development of unused and purchasable FAR in furtherance of existing projects of Amrapali valuing Rs. 10,000 crore (approx)," said the company in a stock excahnge filing.
On Wednesday, NBCC's scrip on BSE closed trading 2% lower at Rs 139.4.
The five projects are Centurian Park, GH-05, Sector Tech Zone-IV, Greater Noida, Golf Homes, GH-02, Sector-4, Greater Noida, Leisure Park, GH-01, Tech Zone-IV, Greater Noida, Leisure Valley, GH-02, Tech Zone-IV, Greater Noida, and Dream Valley, GH-09, Tech Zone-IV, Greater Noida.
In December 2023, NBCC announced sales of 5,000 units for Rs 2,900 crore across several residential projects of erstwhile Amrapali Group.
As per the direction of the Supreme Court, Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) was formed to complete the stuck projects of Amrapali through NBCC (India) Ltd.
According to NBCC, there were 46,575 apartments across 25 housing projects and out of that 8,416 units were already occupied by home buyers prior to the Supreme Court judgment in July 2019.
As a project management consultant (PMC), NBCC got the mandate of completing the remaining 38,159 units and also the pending common facilities in those projects where 8,416 units were already delivered with an estimated cost of Rs 8,266 crore.
NBCC CMD K P Mahadevaswamy had told PTI in October 2023 that, "NBCC is committed towards completing Amrapali Projects despite challenges. We are dedicating our resources so that the dream of house ownership of home buyers of the project is fulfilled. We expect to complete all the projects by March 2025."
With inputs from PTI
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