Amrapali projects: 8,000 flats of Amrapali to be built in Noida and Greater Noida, NBCC gets permission to raise funds – Amrapali projects in Noida and Greater Noida, Supreme Court clears way for NBCC to generate 15000 crore rupees
Amrapali projects: Supreme Court has asked the government construction company to take action against Amrapali projects NBCC The Supreme Court has cleared the way for Amrapali to raise Rs 15,000 crore. The apex court approved the plans of Noida and Greater Noida authorities to build additional flats in seven projects of Amrapali. Their sale can get sufficient funds for the projects stuck due to financial crisis. This order of the Supreme Court has cleared the way for the construction of more than 8,000 additional flats on vacant land in various residential projects of Amrapali in Noida and Greater Noida.
The Supreme Court, while hearing the case on Thursday (August 29), has cleared the way for the government company NBCC to raise Rs 15,000 crore by developing additional flats in Amrapali projects. This fund will also be used to provide homes to 16,000 existing home buyers, whose construction was stuck due to lack of funds.
NBCC will pay Rs 484.92 crore to Greater Noida Authority and Rs 258.24 crore to Noida Authority for purchasable floor area ratio (FAR) including 18% GST. For the past few days, NBCC, which has been preparing Amrapali’s stalled projects, was trying to build additional flats so that it could overcome the shortage of funds.
A bench headed by Justice Bela M Trivedi passed the orders approving the minutes of the joint meeting of officials of NBCC, Noida and Greater Noida authorities and lawyers representing homebuyers, held on August 26 at the residence of Attorney General (AG) R Venkataramani, who is the court-appointed receiver tasked with completing the stalled projects of Amrapali.
In fact, Amrapali was declared bankrupt in 2017 in a fraud case. After this, 24 of its projects remained incomplete. Due to this, thousands of home buyers were in trouble. Out of the 24 project sites, unused land was available for development at seven sites, including Centurion Park, Golf Homes, Leisure Park, Leisure Valley and Dream Valley in Greater Noida, and Silicon Phase-2 in Noida.
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The Supreme Court bench directed the Noida and Greater Noida authorities to approve the building plans within 30 days of the requisite project-wise NOCs being provided by the NBCC. Further, the apex court directed the State Environmental Impact Assessment Authority to grant environmental clearance within two months of submission of the application.