NBCC to hand over 200 Amrapali flats a month from August – ET RealEstate

NOIDA: In a huge relief to Amrapali buyers awaiting homes for over 10 years now, state-owned NBCC has said it will try to hand over at least 150-200 flats every month from August, instead of waiting for entire towers to get completed. Executive director of NBCC, Raman Agarwal, told TOI that the company had handed over 61 flats in July and would be delivering another 150 flats to buyers this month.

“Initially, we were working on tower-wise handovers, but then decided to start handing over individual apartments in towers that have liveable conditions and the necessary facilities like two lifts and power back-up. There are many individual towers where some people are already living, so there is no problem in handing over flat keys in those towers,” he said.

“Depending on how much work we can mobilise due to the pandemic, we will be targeting delivery of 150-200 flats on an average per month,” he added.

The Amrapali projects currently in progress are Silicon Valley I, Princely Estate, Sapphire I & II, Zodiac, and Platinum & Titanium. In the coming months, flats are expected to be handed over in Silicon II, Leisure Valley Villas, Dream Valley Villas, Centurion Low Rise, O2 Valley, Golf Homes, Kingswood and Leisure Park, which are almost on the verge of completion, officials said.

“We are making steady progress in Amrapali projects and keys will be handed over to buyers every month,” PK Gupta, CMD of NBCC, added. NBCC had previously promised to begin the delivery of 44,000 pending Amrapali flats from January 2021. This was after the Supreme Court directed the buyers to start paying up their dues, in an order issued on July 10. The completion timeline offered by NBCC is 2023.

Broadly, the company has split the pending projects into three groups. The first group includes Zodiac, Sapphire-I, Sapphire-II, Silicon-I, Princely Estate, Platinum & Titanium, and Leisure Valley Villas. The delivery deadlines of these seven projects are between January 2021 and June 2021.

The second group of projects to be delivered are Dream Valley Villas, Silicon – II, Centurion Park –Lowrise and Centurion Park–O2 Valley. The delivery timeline for these apartments is between February 2022 and July 2023. For this category, buyers will have to pay up between August 2020 and April 2022.

In the third group, NBCC will deliver Centurion Park Terrace Homes, Centurion Park-Tropical Garden, Smart City–Golf Homes, Smart City–Kingswood, Silicon City-Crystal Homes, Leisure Valley–Verona Heights, Leisure Valley–Adarsh Awas Yogna, Dream Valley-Phase-II, Dream Valley-Enchante, Leisure Park I, II and River View. The delivery timeline for this category is from February 2022 to July 2023. NBCC has a budget outlay of Rs 8,500 crore for completion of the Amrapali projects and its receivables from buyers is Rs 3,200 crore.



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NBCC offers easy payment to Amrapali buyers – ET RealEstate

NOIDA: Amrapali homebuyers awaiting flats will have to start paying their dues in easy instalments from August, as per a payment plan issued by NBCC.

The charter was issued by NBCC in the wake of the July 10 order by the Supreme Court, asking homebuyers to help infuse working capital into the state-owned company. NBCC has said it will start the delivery of the 44,000 pending flats from January 2021.

NBCC has split the pending projects into three groups. The first group includes Zodiac, Sapphire-I, Sapphire-II, Silicon-I, Princely Estate, Platinum & Titanium, and Leisure Valley Villas. The delivery deadlines of these seven projects are between January 2021 and June 2021.

The entire payment for this category should be made between August 2020 and May 2021. The buyers can pay the dues in four instalments of 25% each.

The second group of projects to be delivered are Dream Valley Villas, Silicon – II, Centurion Park –Lowrise and Centurion Park–O2 Valley.

The delivery timeline for these apartments is between February 2022 and July 2023. For this category, buyers will have to pay up between August 2020 and April 2022.

The buyers have been allowed to pay over 10 instalments of 10% each.

In the third group, NBCC will deliver Centurion Park Terrace Homes, Centurion Park-Tropical Garden, Smart City–Golf Homes, Smart City–Kingswood, Silicon City-Crystal Homes, Leisure Valley–Verona Heights, Leisure Valley–Adarsh Awas Yogna, Dream Valley-Phase-II, Dream Valley-Enchante, Leisure Park I, II and River View. The delivery timeline for this category is from February 2022 to July 2023. The buyers have been allowed to pay in this category between August 2020 and April 2022 in 10 instalments of 10% each.

“In the next three years, we are expecting Rs 3,200 crore from buyers, and with partial funding starting from August. We expect to follow the construction schedule and deliver all flats by February 2023. Seven projects that are to be completed by June 2021, have a due of Rs 200 crore and buyers will have to pay in four instalments,” an NBCC spokesperson said.

Buyers have expressed relief with the easy payment option offered by NBCC.

“The instalments offered to the buyers is a good step. This will ensure that there will be no additional pressure on them,” Shweta Bharti, general secretary of Nefowa, said.

“It’s a reasonable plan but the issue of restructuring the loans and availability of fresh loans needs to be sorted out to ensure that no undue burden is put on the home buyers and they are able to pay their dues to ensure construction of these much-delayed projects,” Mihir Kumar, a lawyer who represents Amrapali buyers, said.



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Amrapali buyers can pay outstanding dues in terms of NBCC’s payment schedule – ET RealEstate

NEW DELHI: Stuck Amrapali homebuyers now have the option of paying the unpaid balance amount to state-run NBCC (India) as per the new payment schedule finalised by the public sector company, thus helping them pay instalments in a staggered manner, linked to construction milestones.

Homebuyers of at least five projects, where only 10% work was completed, were demanding clarification on the Supreme Court’s order of last year where the apex court had said that homebuyers need to deposit the money in three months.

In the latest order dated July 10, SC had directed all the homebuyers to make the payment in accordance with the fund flow requirement of the NBCC.

“Many of us are awaiting flats for six years and have Rs15 lakh to Rs 25 lakh to pay. We are not in a position to pay in one go. This decision will give us relief and we are ready to pay as per the construction schedule,” said Dipanker Kumar, an Amrapali homebuyer.

Homebuyers owning flats at projects such as Amrapali Verona heights, Dream Valley Enchante, River View, Kingswood and Terrace Homes were the worst affected as over 90% work still remains pending in these projects.

“The recent direction by the Supreme Court to the Amrapali home buyers to pay their outstanding dues in terms of payment schedule prepared by NBCC provides a certain relief in comparison to the December 2019 order which required all homebuyers to pay outstanding amounts by January 31, 2020, either in instalments or at one go for speedy completion of all stalled projects,” said M Arun Kumar, Partner, Induslaw, a national law firm.

The December order was causing problems for stressed home buyers and the banks were also not lending funds for Amrapali housing projects.

The present direction will work in a more staggered and realistic manner linking all payment instalments to the need of the project and its construction milestone as set by NBCC.

NBCC is involved in the completion of 23 housing projects by Amrapali Developers.

The estimated cost of completion of all Amrapali projects is about Rs 8,500 crore, and NBCC has handed over two stalled projects.

Construction activity is ongoing at eight more projects housing 12,169 units valued at Rs 618.08 crore.

In July last year, the top court had directed NBCC to take over and complete the stuck projects of the Noida-based Amrapali, besides ordering a probe against its promoters for allegedly siphoning off money from homebuyers.

“We have no issue in receiving payment in instalments. We will prepare the payment schedule and share it with the court receiver who can share it with the homebuyers,” said a NBCC official.

SC order dated July 10 said NBCC has prepared a project execution schedule for each project, fund flow requirement and also corresponding home buyer’s payment schedules.

“The home buyers shall be informed of the schedule and requisite payment shall be made by the home buyers, as may be specified by the learned receiver,” SC had said.

Homebuyers have welcomed the move and said that after paying EMIs for six years without any progress in construction, they see some hope.

“Most of us have taken the construction linked plan in 2014, in which the cost is slightly higher than usual. After the project got stuck, we continued paying EMIs fearing action from the bank. Now, when last year the SC asked us to pay the remaining amount in one go, we opposed it. For a middle class family, paying Rs 15-25 lakh is not easy that too when construction is going to take another three years,” said Ajay Aggarwal, another Amrapali homebuyer.



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