Home Tenders NBCC floats tenders to finish 11 Amrapali projects | Noida News

NBCC floats tenders to finish 11 Amrapali projects | Noida News

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Noida: The state-backed National Buildings Construction Corporation (NBCC), which has received a funding source from banks through a Supreme Court order, said it had floated tenders for 11 out of 23 projects of Amrapali, the beleaguered realtor that has still to hand over 45,000 flats.
Officials in NBCC hope contractors for these 11 projects would be chosen by July and construction is likely to start soon after that. They also informed that construction had started on eight other Amrapali projects, which include Zodiac, Sapphire phases 1 and 2, Silicon Valley phases 1 and 2, Princely Estate and Centurian Park. The officials claimed flats in these projects would be handed over by the middle of next year.
On June 10, the Supreme Court had directed financiers to overlook the NPA tag slapped on some builders and resume the flow of funds so that homebuyers can be benefitted. “It is a significant directive by the Supreme Court. This is going to provide a huge relief to thousands of homebuyers who have been suffering for years. The total amount required for the completion of Amrapali projects is Rs 8,500 crore. We are fully committed towards completing all the projects and handing over the flats to buyers who have been waiting for years,” said PK Gupta, the NBCC CMD.
Of the total Rs 8,500 crore required for completion of Amrapali’s 23 projects, NBCC has till now received only Rs 136 crore through a joint funding by financial agencies. Many homebuyers have not been able to clear their dues as banks have not been releasing instalments of loans which have been declared NPA.
NBCC said it had completed and handed over two projects — Eden Park and Castle. These two have 618 flats in total. The construction company is now focused on completing 19 residential projects. Two of Amrapali’s 23 projects are commercial establishments, which NBCC would take up only after all the flats are handed over.
The completion of flats is being executed under the supervision of court receiver R Venkatramani. The total number of homebuyers affected by Amrapali’s bankruptcy is 44,599.
“The two projects that we have completed have 618 flats in total. The eight other projects where work is in progress have 12,169 flats. They are likely to be handed over by next year. The 11 projects for which tenders have been floated will have more than 31,000 flats to be delivered,” an NBCC official said.

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