The Supreme Court-appointed receiver has asked NBCC (India) to start work on eight more stuck projects of the Amrapali Group, a move that will offer relief to more than 9,300 homebuyers in Noida and Greater Noida.
The Supreme Court had about a year ago asked the state-run builder to complete 16 projects of the Amrapali group. It has completed work on two of those, which will be handed over soon to the court receiver.
“The court receiver has asked NBCC to proceed with tenders in order to commence the work by the end of January 2020. He has also asked the company to furnish with him the details of the tender processes in order to facilitate the working of the payment schedule,” said a person in the know.
The receiver has given a list of eight projects having 9,306 flats. The cost of the current package, including towards project management consultancy and GST, is about Rs. 570 crore. The projects are Zodiac, Sapphire One and Two, Silicon City Phase One and Two, Centurian Park, Centurian Park Valley and Princely Estate.
“A meeting was held on November 11 and a day after the receiver wrote to the CMD (chairman and managing director of NBCC) to start work on these project as part of phase one. Rest of the projects will be taken up later,” said another person.
The projects that the Supreme Court asked NBCC to take over at Noida and Greater Noida are expected to cost Rs. 8,361 crore to complete.
The court had appointed R Venkataramani as the receiver to coordinate among all the stakeholders and ensure completion of the projects for homebuyers.
The first two projects that NBCC took over, Eden Park and Castle, will soon be ready for handing over to the receiver. Work on firefighting equipment, sewage treatment plant, waste treatment plant and the final paint work in some of the flats of these two are nearing completion The flat owners are expected to start registration from next month, almost six years after they moved in to the flats.
They have so far been living there without some of the basic facilities.
More than 40,000 buyers were stuck with under-constructed projects after the Amrapali Group was dragged to court for alleged fraud and money laundering.
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