All 22,000 pending Amrapali flats to be ready by year-end, says NBCC

The state-owned NBCC (India) Limited, formerly National Buildings Construction Corporation, on Thursday said it will complete the remaining 22,000 apartments in Amrapali Group's delayed housing projects in Noida and Greater Noida by the end of 2024 and hand over possession to homebuyers.

- Vinod Rajput

NBCC said it will raise ₹15,000 crore by selling around 13,500 apartments, which will soon be launched in five housing projects in Greater Noida. These apartments are to be built on the additional floor area ratio (FAR) it purchased from the Greater Noida authority for ₹10,000 crore on Wednesday. These units will help NBCC earn surplus revenue in future, said officials in the know of the matter.

The Supreme Court, in July 2019, engaged NBCC as project management consultant to undertake completion of stuck projects of Amrapali Group in Noida and Greater Noida, after homebuyers through a petition demanded the delivery of their flats in projects that were launched in 2010. The promoters of the Amrapali Group are currently in Tihar jail for various alleged offences, including cheating, criminal breach of trust and money laundering.