NBCC to generate Rs 15,000 Crore from Amrapali projects with additional flats
NBCC is expected to generate an additional Rs 15,000 crore from Amrapali projects as the Uttar Pradesh government has allowed it to develop additional flats in the project.
The NBCC had requested the local authority to grant additional FAR (floor area ratio) so that it can construct more apartments and generate cash flow for stuck projects.
An additional 75-acre land will be available to develop which will allow NBCC to construct 13,250 houses.
“We are expected to clear the dues of banks who had funded the stuck projects and will clear some dues of Noida and Greater Noida authority also from the sale of extra units. Construction of these extra area will require an investment of Rs 8,500crore,” said K P Mahadevaswamy, Chairman and Managing Director, NBCC (India) Limited.
About Rs 1550 crore has it be given to banks while about Rs 3,000 crore due is pending to the Greater Noida authority.
NBCC will have to pay Rs 590 crore and GST to the Greater Noida authority for the FAR purchase and it is pursuing with Noida authority also to grant permission for extra construction.
“The permission has been granted following all the norms and it will benefit the homebuyers who were suffering for over a decade,” Swamy said.
R Venkataramani, Attorney-General for India and court receiver said real estate sector needs innovative solutions.
More than 41,000 sold and 5,000 unsold units in over 20 stalled projects, together accounting for about 46,000 units, has to be delivered by NBCC in tranches.
NBCC was tasked to complete
