Largest Bailout Of Stuck Realty Project Kicks Off

From Amrapali website

Largest Bailout Of Stuck Realty Project Kicks Off

NBCC is completing construction per SC order

Exclusive channel partner ANAROCK has sold 150 units at an approximate sale value of INR 70 crores

NEW DELHI, Mar 24 (The CONNECT) – In what is described as the biggest realty bail out stuck projects, ANAROCK Group has launched the sale of over 5,000 homes in projects by erstwhile Amrapali group.

In a matter of just 30 days, ANAROCK sold 150 units at an approximate sale value of INR 70 crores, the realty consultancy said.

NBCC has undertaken the completion of 650+ units in Noida and 4500 + units in 23 projects in Greater Noida under the aegis of Amrapali Stalled Projects and Investment Reconstruction Establishment (ASPIRE) and supervision of the Supreme Court. ANAROCK is the exclusive channel partner for the sale/.

ANAROCK will deploy its proprietary PropTech marketing tools to market these projects.

P K Gupta, CMD – NBCC, said Over 46,000 units will be delivered in tranches by June 2024. It is the beginning of the biggest customer redressal initiative in the history of Noida/Greater Noida’s real estate market, he remarked.

This been the biggest launch of any real estate project in NCR.

Santhosh Kumar, Vice Chairman - ANAROCK Group said, “The real estate market in Noida and Greater Noida is once again in a growth mode, and there is a high demand for the revitalized NBCC projects.

Unsold housing stock in Noida and Greater Noida has reduced by 21% in the last 2 years and, despite the pandemic, the two cities witnessed high sales, he said,

The Supreme Court of India, vide its judgment on of July 23, 2019, has appointed Sr. Advocate Shri R. Venkataramani as Ld. Court Receiver of the erstwhile Amrapali Group, and NBCC to complete 23 projects in Noida and Greater Noida.

NBCC has appointed construction partners in all affected projects, and work is underway at every site. VNIT Nagpur has been appointed as a consultant to oversee and ensure adequate construction quality for 20 of the Amrapali projects, and NIT Jalandhar to additionally provide third-party quality monitoring for two projects.

This will ensure standardized, high-grade construction quality using MIVAN technology, an innovative European aluminium structure formwork specifically suited for mass construction in some of the housing projects

As per the construction blueprint, all included projects will be completed and delivered by June 2024 at an estimated project cost of INR 8189.82 Cr - INR 3870.38 Cr via sold inventory receivables, INR 2215.79 Cr via marketing of currently unsold inventory, INR 951.15 Cr via attached properties, INR 342.74 Cr via surrendered units, and INR 88.97 Cr via marketable commercial spaces, and FAR approx. INR 1220 Cr.

Pricing: In Phase 1, the properties on offer range from 1 BHKs to penthouses priced between INR 20 lakh to INR 1.5 Cr, in 20 projects in Noida and Greater Noida.

In the first sales window opened a month ago offers 500 units in the 'Kingswood', 'Golf Homes', and 'Dream Valley Phase 2' projects in Greater Noida, and 'Zodiac' in Noida, on a first-come-first-served basis. An early bird offer period is currently in force, and home loan financing options are available on-site via multiple nationalized banks.

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