NBCC to complete pending Amrapali projects and deliver flats to homebuyers by March 2025

NBCC to complete Amrapali stuck projects by March 2025

Homebuyers of Amrapali group projects have a reason to rejoice as state-owned NBCC (India) will complete the construction work of pending 22,000 flats in Amrapali projects in Noida and Greater Noida by March 2025 and deliver flats to homebuyers, said officials aware of the matter.

They said NBCC has already completed construction of around 16,000 units across various projects. There are around 26 Amrapali projects that were handed over to NBCC for completion. Out of 26, as many as 11 projects are in Noida, 14 in Greater Noida and one project in Manesar.

NBCC has completed 12 Amrapali projects in Noida and Greater Noida.

The projects completed in Noida are Eden Park, Sapphire-1, Princely Estate, Silicon City-1, Platinum and Titanium, Zodiac, and Silicon-2 while the once located in Greater Noida are Amrapali Castle, Leisure Valley Villas, Centurian Park Low Rise and O2 Valley, Kingswood and Leisure Park.

Also Read: NBCC to construct over 13,000 flats in 5 Amrapali projects, eyes Rs 15,000 cr topline

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Ashish Mishra

Prinicipal Correspondent|moneycontrol

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Currently, 14 projects are under execution and a workforce of approximately 10,000 people has been engaged across various projects. The work on one commercial project in Greater Noida, which is Tech Park, is yet to be started.

“Our main aim is to give all homebuyers of Amrapali projects their home as soon as possible. Our construction work is going on at good pace and we aim to complete construction in all pending projects by March 2025 and deliver flats to homebuyers. Out of total 38,000 flats, we have already constructed 16,000 apartments and remaining 22,000 will be completed by March 2025,” NBCC CMD KP Mahadevaswamy told Moneycontrol.

Mahadevaswamy said that registries of 6000 to 7000 apartments have also been executed and NBCC has also started the process of handing over another 10,000 flats to homebuyers. “There are some homebuyers who have not made their full payment, they should also come forward make the payment so as to ensure the process continues smoothly,” he said.

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 judgement in July 2019. 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 in 2019.

Also Read: NBCC gets nod from Greater Noida Authority to develop 5 Amrapali projects worth Rs 10,000 cr

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.

Close to 6,000 units have been sold in the erstwhile Amrapali Group with a sale value of close to Rs 3,500 crore, an NBCC official said.

Homebuyers speak

Ankit Kumar, a homebuyer in a Amrapali project in Greater Noida, said that he had been waiting for his flat for the last five-six years and the announcement by NBCC to deliver homes by March 2025 has rekindled his hopes.

“I have lost hopes of getting my home as the project was stuck for long. Even after appointment of NBCC for completion of stuck Amrapali project, there was initially very slow progress so I was not very optimistic about getting my home completed any time soon. But since the NBCC has delivered many apartments across different stuck projects of Amrapali, I am hopeful again to get my dream home,” Kumar, who is living in a rented accommodation in Noida, said.

Also Read: NBCC shares gain 3% on winning work orders worth Rs 369 crore

Another homebuyer Juhi Sikarwar also echoed similar concerns and said that NBCC’s announcement of completing all Amrapali projects should not limit to mere an announcement.

“I had booked a flat in one of the Amrapali projects in Noida in 2018 but I am yet to get my home. The announcement of completing projects by March 2025 is very ambitious and I am hopeful that this deadline is not shifted,” she said.