NBCC’s Triumph in Resolving Amrapali Stalled Project

NOIDA: In a significant stride toward resolving the long-standing issues surrounding the Amrapali Stalled Project, NBCC (India) Limited has successfully concluded the sale of 5,000 flats, amounting to approximately Rs 2,900 crore.

This achievement marks a crucial milestone in bringing relief to numerous homebuyers who have endured years of waiting for their apartments.

The sale, accounting for over 80 percent of the available inventory, was executed by Amrapali Stalled Project Investments Reconstruction Establishment (ASPIRE), a company established to finalize pending Amrapali projects, operating under the oversight of the Supreme Court-appointed court receiver.

NBCC is not only facilitating the sale but is also diligently completing and delivering stalled or unfinished projects of Amrapali.

Of the 26 total projects, including 11 in Noida, 14 in Greater Noida, and one in Manesar, NBCC has already completed projects like Eden Park, Sapphire-1, Princely Estate, Silicon City-1, Platinum & Titanium, Zodiac, and Silicon-2 in Noida, as well as Castle, Leisure Valley Villas, Centurian Park Low Rise & O2 Valley, Kingswood in Greater Noida, collectively valued at around Rs 1,100 crore.

Presently, 14 projects valued at approximately Rs 7,100 crore are under active execution, with a robust workforce of around 8,000 personnel deployed across various projects.

While considerable progress has been made, one commercial project, Tech Park in Greater Noida, is yet to commence.

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NBCC has not only completed but has also initiated the handover of units to the Court Receiver, Committee, and Home Buyers.

Approximately 15,000 flats across various projects are already occupied. As part of its commitment, NBCC had to complete 15,915 units along with their structures, and progress stands at over 82%, with 13,150 units’ structures completed.

The remaining 2,765 units are in the process of completion, with NBCC dedicated to finalizing all projects, including finishing work, before March 2025.