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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Ask NBCC to start work on Wish Town project: Buyers to SC – ET RealEstate

NOIDA: A group of Wish Town buyers urged the Supreme Court on Wednesday to direct the National Company Law Appellate Tribunal (NCLAT) to persuade state-run NBCC to immediately start construction in the Wish Town project and complete around 20,000 pending flats at the earliest.

The court has issued notices to the NBCC and other stakeholders in the project, seeking their responses.

The next date of hearing is on August 6.

According to buyers, there is a complete standstill at the project site. “Buyers are completely frustrated with the non-action by NBCC. Even after the conditional nod by NCLAT, the state-run construction company is yet to start work. Now that the Supreme Court will start hearing the case again, it could take a long time for a decision to arrive. So, we are simply losing time,” said Jaishree Swaminathan, a Wish Town buyer.

After prolonged insolvency proceedings of Wish Town, the NCLT had given the construction rights for the pending flats to the NBCC, but the company moved the NCLAT, the appellate body, against the NCLT, claiming their resolution agreement was dishonoured with the addition of extra financial liabilities.

The project has been under the supervision of an interim monitoring committee since April 23.



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Yamuna authority to raise Rs 5000 crore for development around Jewar airport – ET RealEstate

The Yamuna Expressway Industrial Development Authority (YEIDA), the nodal agency for the development of residential and commercial land near the upcoming Jewar airport, has signed an agreement to raise Rs 5000 crore in three years.

The funds will be provided by the Housing and Urban Development Corporation Limited (HUDCO) and will be used for land acquisition around Jewar airport and development of industrial estates, Electronic City and housing projects.

“We have signed an Memorandum of Understanding (MoU) with HUDCO and this will expedite the development work around the airport and we will acquire more land for future development,” said Arun Vir Singh, CEO of the authority.

As per the MoU signed on Thursday, YEIDA will require Rs 4000-5000 crore for development around the Jewar airport.

The Uttar Pradesh government has earmarked about 5,000 hectares of land in Jewar on Yamuna Express for an aviation and transport hub. About 1,300 hectares of land has been handed over to Zurich Airports for the development of the airport in the first phase.

“Outside the 1300 hectare land parcel, an aviation hub is planned where we will have hotels, MROs and other establishment related to aviation. We need to acquire land for that and financing by NBCC will help us in achieving the expansion plan,” Singh added.

Uttar Pradesh government has attracted more than Rs 1,500 crore of investments by allotting land close to the upcoming aviation facility to interested companies during the lockdown period.

YEIDA has allotted 17 plots to different companies, which will provide employment to about 25,000 workers.

The authority also expects to collect Rs 600 crore from the auction of land marked for hotels and office space.

Similarly, there will be an auction of land for petrol pumps, shops, offices, kiosks and about 1,000 residential plots.

Concessionaire has the right to develop commercial space, including hotels and office space, within the space provided to them.

Zurich Airports has won the contract to build and operate Jewar airport, which will act as the second airport for Delhi, for a period of 40 years, including construction period of four years in the first phase.

The Jewar airport is expected to start operations around 2023-24, by when the existing airport is set to exhaust its capacity of more than 100 million.



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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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