Amrapali’s top executive has said that PSU NBCC has expedited the execution of its pending projects. It is anticipated that 10,000 homebuyers will get their flats by 2021 in June whose delivery was stuck for many years.
Recently, the Supreme Court has directed financial institutions to disburse the balance loan amount to homebuyers. According to NBCC’s CMD, PK Gupta, “The order will provide huge relief to thousands of hassled homebuyers, who have been suffering for many years. Implementation of some more projects is in progress with the funds made available by the Supreme Court”.
It is estimated that the completion of all Amarpali Projects will cost about Rs 8,500 crore and two of the projects has been handed over to NBCC by SC which is to be completed by next year. The projects are located in Noida and Greater Noida. There are 8 more ongoing housing projects of Amarpali which aims to build 12,169 units for an estimated cost of Rs 618.08 crore. NBCC has taken up 23 projects of Amarpali for completion. NBCC has invited tenders for 11 more projects which will be finalised by July. These 11 projects aim to build 31,812 units for a value of Rs 6,815.76 crore.
PK Gupta said, “We are confident that the execution work would be fast-tracked as a result of the timely deposit of outstanding dues by homebuyers, providing much-needed relief to them”.
Last year in July, SC has also ordered for a probe against the promoters of Amarpali for alleged siphoning off money from homebuyers. Government has estimated that there are more than 1600 projects that are pending and aims to build 458,000 housing units. Unitech and Jaypee have taken projects some of these projects that aim to build 75,000 housing units in NCR.
Homebuyers will have to deposit pending loans amount with the court receiver that they will get through reimbursement from banks. After that, the amount will be made available to NBCC for project completion.
Dipankar Kumar, a buyer of Amarpali flat, said, “We have to see how banks will restructure loans of those homebuyers who have defaulted on payments”. The court till now has extended Rs 136 crore to NBCC.