Over 5,000 pending Amrapali flats up for grabs in Noida – ET RealEstate

NOIDA: State-run construction company NBCC has put up for sale over 5,000 unsold flats at various Amrapali projects in Noida and Greater Noida to help generate revenue for completing the different pending projects of the real estate group in the twin cities.

The sale of 5,229 unsold flats will be conducted by Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE), a company floated by NBCC to complete the pending Amrapali projects, under the supervision of the Supreme Court-appointed court receiver. And the sale date is expected to be announced through the website of the court receiver — www.receiveramrapali.in — and nbccindia.com, TOI has learnt.

In Noida, the flats put up for sale are from Sapphire I, Sapphire II, Silicon City 1, Silicon City 2, Princely Estate, Crystal Homes (Sector 76), Heart Beat City 1 & 2, Platinum and Titanium, and Zodiac. In Greater Noida, the units put up for sale are from Castle, Leisure Valley Villas, Leisure Valley-Adarsh Awaj Yojna, Leisure Valley-Verona, Leisure Park phases 1&2, Leisure Park-River View, Golf Homes, Kingswood, Centurian Park-O2Valley, Terrace Homes, Tropical Garden, Dream Valley-Villa and Enchante.

Amrapali’s various projects have a total of 46, 575 flats, of which some 8,416 units are currently getting registered. At present, NBCC is in the process of constructing 38,159 flats, of which 5,229 units are still unsold. And of the total that NBCC has to deliver, 1,031 units have already been completed. Unused floor area ratio (FAR) of the projects are also set to be put up for sale.

NBCC has so far completed and delivered Eden Park (Noida) and Castle (Greater Noida). The entire Amrapali project is slated for completion and delivery by December 2023. “The construction of all Amrapali projects are in progress and we are working simultaneously at many sites. At this stage, we are planning to sell the unsold flats to infuse funds. The buyers are also urged to pay up their dues on time,” an NBCC official said.

The commercial units of Amrapali, too, are likely to be put up for sale soon and include shops, nursery schools, nursery homes and milk booths, officials said.

NBCC has officially engaged over 15,000 workers and more than 100 engineers from its executing agencies, and 70 of its own engineers are also deployed at the Noida and Greater Noida project sites. The company has also installed 19 anti-pollution guns at different project sites to mitigate dust pollution. The projects are being executed under the supervision of the court receiver.



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NBCC kicks off construction at Amrapali Dream Valley-II – ET RealEstate

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NOIDA: In a major relief to Amrapali buyers, NBCC on Wednesday kicked off construction work at Dream Valley Phase–II, a stalled real estate project where the government-backed construction company has to complete 8,302 flats.

NBCC has awarded the project to Girdhari Lal Constructions and Altis Holding Corporation joint venture. A ‘bhoomi pujan’ was conducted at the project site on Wednesday.

Meanwhile NBCC officials told TOI that at present construction activity is in progress at 18 Amrapali projects in Noida and Greater Noida. The completion dates for a total of 39,017 residential units in these projects range from nine months to 36 months.

“So far, 695 units have already been handed over and around 2,500 more are likely to be given to investors by March 2021. The construction work at 18 projects are in full swing and to maintain the speed of construction, the homebuyers should promptly pay their dues,” NBCC senior executive director RK Aggarwal said.

NBCC has engaged 15,000 workers, over 100 engineers and 70 senior engineers for the completion activity, company sources said. “To help dust mitigation at project sites, we have installed 19 anti-smog guns. The entire construction process is being supervised by court receiver, R Venkatramani,” Aggarwal said.

“In addition to these projects, the tenders for Greater Noida projects — Leisure Valley-Varona Height 1 & 2 comprising 4,964 units — are likely to be awarded soon. Similarly, the tender process for Heart Beat-1 & 2, comprising 1,976 residential units, is in process,” the NBCC official said.



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By October, NBCC to start work on all 19 Amrapali projects – ET RealEstate

NOIDA: The government-backed National Buildings Construction Corporation (NBCC) said on Sunday it had doubled its workforce from 6,000 to 12,000 to expedite the completion of 19 pending Amrapali projects. While work on 17 projects is underway, one more was handed over to a construction company last week. The last one is expected to be handed over to a company by the end of October.

Since these 19 projects are in various stages of completion, NBCC would take from nine to 36 months to finish construction. In total, 43,518 flats are left to be handed over to buyers. The responsibility of constructing Dream Valley Phase 2 was handed over to a firm last week. The 19th pending project — Leisure Valley Verona Heights — is likely to given to a construction firm on October 28.

While the company managing Dream Valley has to construct 8,302 flats, Verona Heights has 4,964 flats pending. In projects that are partly complete and residents have already occupied flats, work on finishing them will go on simultaneously.

“We will be handing over the keys simultaneously and not wait for the entire project to complete. By October, we expect to award the completion of Leisure Valley Verona Heights too. Before Diwali, work on all pending projects should be in progress,” said PK Gupta, the NBCC chairman.
By October, NBCC to start work on all 19 Amrapali projectsNBCC has already handed over Eden Park and Castle projects. In the 17 ongoing projects, the government company has to roughly complete 30,715 flats. In the two other projects in which NBCC has now started work or will do so in a month, it has to deliver around 13,000 flats.On August 7, NBCC had announced it would complete and hand over at least 150 flats every month. On Sunday, the company informed that by the end of September, it had handed over 463 flats. NBCC had started handing over flat keys since July.

“We welcome this announcement by the company. But just as it is pushing for completion, the quality of construction is equally important for us. Attention should be paid to it as well,” an Amrapali buyer said.



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NBCC informs SC about completion of 230 units in Amrapali project – ET RealEstate

NEW DELHI: The NBCC informed the Supreme Court on Monday that it has completed construction work on 230 units and handed them over to the court-appointed receiver for the Amrapali housing project.

During the hearing, the NBCC informed a bench comprising Justices U U Lalit and Ashok Bhushan that it has completed work on 230 units and handed them over to the receiver. The bench asked the receiver to give details of the pending dues of the buyers for these units.

The NBCC also sought an assurance regarding future funds as it has employed almost 12000 workers at different sites. The bench directed the NBCC and receiver to give details of the funds requirement.

Kumar Mihir, advocate for the home buyers, said: “With 12,000 workers employed on different projects, we are hopeful that the work on all Amrapali projects will be completed as promised and the long wait of defrauded home buyers will be over.”

The top court also directed real estate company Mahagun to deposit Rs 240 crore before the court by March 31, 2021, for a plot of land which was given to it by the Amrapali group. The bench said the land would be auctioned by the Noida authority if the builder fails to deposit the amount.

The top court said Mahagun will pay Rs 35 crores by October 31, Rs 65 crores by December 31, and the rest by March 31, 2021. The bench noted that Mahagun will pay interest at 9.25 percent on this amount and in case it defaulted on paying the first instalment, the land will revert to the Noida authority for auction.

The home buyers’ counsel added that if the first instalment is paid but there is default in the next instalment, then Rs 10 crore will be forfeited and Mahagun will lose its rights over the land. “Only when the entire 240 crore plus transfer charges as applicable and interest is paid, Mahagun will be allowed to create any charge or interest over this land”, added the counsel.

The top court also directed Mahagun to file an affidavit with the board resolution in 10 days, and the Noida authority was also asked to indicate its dues within 15 days. This issue was directed to be listed for further hearing in the first week of November.

The receiver informed the top court that in terms of the September 1 order, he has sent a letter to the Governor of the Reserve Bank of India and CMDs of other banks inviting them to finance Amrapali projects and for release of the loan amounts, but he is yet to receive any reply. The court directed him to place any reply received before it.

Former Amrapali CMD, Anil Kumar Sharma had filed an application seeking directions to the lower courts to decide his case without prejudice to the findings/observations made by the Supreme Court. The top court asked the ED and EoW to file the status report of investigation cases against him. The court has posted the matter for further hearing on September 21.



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