The state-owned company, NBCC (India) Limited, has successfully e-auctioned 417 residential units in Noida and Greater Noida for a cumulative price of ₹1,045.4 crore in a move that will bring a significant turnabout in the resolution of the halted projects of the erstwhile Amrapali Group.
This sale has taken place in the presence of the Supreme Court-directed Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE), which has been formed for overseeing the delivery of the pending housing schemes in Amrapali Group. NBCC has also been assigned the role of project management consultant for carrying out construction as well as monetization tasks.
In a regulatory filing, NBCC said the units were sold across two projects — Aspire Leisure Valley in Greater Noida (West) and Aspire Silicon City Phase IV in Sector 76, Noida. The company added that it would receive a marketing fee of 1 per cent of the total sale value from the transaction. The identities of the buyers were not disclosed.
NBCC was entrusted by the Supreme Court with the task of completing nearly 38,000 stalled flats across multiple Amrapali projects and handing them over to homebuyers who had been waiting for years. The monetisation of unsold inventory through auctions is part of the broader strategy to generate funds required for completing construction and meeting delivery timelines.
Apart from completing the stalled units, NBCC is also building over 10,000 additional units in five Amrapali projects. This has become possible since the concerned authorities decided to allow the development of the unutilized land pockets of the project. This will enable the sale of additional units to fund the project without adding any additional financial burden to the homebuyers.
However, the Greater Noida Authority has given in-principle approval for the appointment of co-developers in two other stalled group housing schemes, which indicates growing support from the government to inject new life into delayed projects in the area.
NBCC, which operates in the project management consulting and real estate development categories, has been at the forefront of efforts to regain market buyers’ confidence in the stressed market of the National Capital Region. This successful auction is indicative of the demand that exists in the Noida and Greater Noida markets, especially those projects that are monitored by the government and courts.
The recent sale is expected to hasten the pace of construction in Amrapali projects and ensure that thousands of pending housing units are finally delivered, giving much-needed relief to affected homebuyers and giving them confidence in the institutional mechanism for recovery in unresolved real estate projects.
Image source- nbccindia.in
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