Big relief for Amrapali home buyers! All stalled housing projects in Noida, Greater Noida to be completed by March 2025: NBCC | Companies News
New Delhi: In big relief for people whose money is stuck in the stalled housing projects of Amrapali across Noida and Greater Noida, an official of state-owned NBCC (India) Limited, a Government of India Navratna Enterprise, has announced that it has completed around 13,500 homes so far and will construct the remaining nearly 25,000 apartments by March 2025.
The Supreme Court had formed Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) to complete the stuck projects of Amrapali through NBCC (India) Ltd.
“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,” NBCC CMD K P Mahadevaswamy told PTI.
The NBCC official confirmed that of the 13,500 flats constructed so far, 5,100 units have been handed over to the buyers.
After the 2019 SC verdict, NBCC was given the mandate to complete 38,159 units of Amrapali and also finish the pending common facilities in those projects.
As per the information available, NBCC completed the work of around Rs 5512.10 crore till September 2023 and Rs 5,229.60 crore was received from the clients till 23rd October. The funds for the stalled projects were released from seven banks — Bank of Baroda (Lead Bank), Indian Bank, State bank of India, Punjab National Bank, UCO Bank, Bank of India and Punjab & Sind Bank.
What is the Supreme Court order on Amrapali?
The Supreme Court had appointed NBCC as Project Management Consultant for completion of stalled/incomplete projects of Amrapali Groups in Noida/ Greater Noida.
It may be recalled that the apex court had ordered the Enforcement Directorate (ED) to register money laundering cases against the company’s chairman and managing director Anil Sharma, and directors Shiv Priya and Ajay Kumar.
While passing the order, the top court noted that the homebuyers’ money was diverted by Amrapali group which was in contravention of the Foreign Exchange Management Act (FEMA) and foreign direct investment (FDI) norms.
The Supreme Court had noted that Amrapali and Noida and Greater Noida authorities connived with each other to commit the fraud.
