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Wednesday 11 December 2019
Economy Business NBCC ordered to complete 8 Amrapali housing projects

NBCC ordered to complete 8 Amrapali housing projects

NBCC had earlier decided to lend more land to lenders to reduce the time taken for the completion of around 20,000 flats of Jaypee Infratech

The Supreme Court has directed the National Building Construction Corporation (NBCC) to get eight of Amarpali‘s stalled housing projects in Noida and Greater Noida so that the fraudulent builder’s customers can own their houses in the foreseeable future. NBCC had earlier completed 16 stalled Amrapali projects.

An apex court bench of Justices Arun Mishra and Justice Uday Lalit asked NBCC to complete the unfinished Amrapali projects of Zodiac, Sapphire 1 and 2, Silicon City 1 and 2, Princely Estate, Centurion Park Low Rise and O2 Valley projects in Noida and Greater Noida.

Earlier last month, the Supreme Court-appointed receiver had asked the NBCC to complete these stalled projects. There are 11,258 flats to be built in these projects.

The Supreme Court had asked NBCC to complete 16 stalled projects of Amrapali in a year but it completed the projects in two phases. The papers of the completed works will be handed over to the court receiver soon.

The court had handed over the list of eight projects. It cost Rs 8,361 crore to complete them. The court receiver had asked the NBCC to issue a tender and complete these projects by the end of January 2020.

Before this, the state-owned NBCC Ltd decided to lend more land to lenders and reduce the time taken for the completion of around 20,000 flats for the acquisition of Jaypee Infratech. NBCC is considering giving more land with some clear ownership in place of more land and some benami flats. The PSU is considering reducing the timeframe for house buyers to complete the under-construction flats, which were proposed four years into the 17 November bid.

The debtors of Jaypee Infratech, who are in debt, have asked NBBC Ltd to offer some more land owned by them without any dispute and offer a transfer of debt-free Yamuna Express even as homebuyers are seeking compensation for the delay in flat construction.

Public sector NBCC and security realty are in the race to acquire Jaypee Infratech, which is going through the insolvency process.

According to the apex court’s directive, the two companies submitted fresh bids on 17 November. A meeting of the Committee of Lenders (COC) was held on 28 November to discuss the two claimants. In the meeting, bankers sought several clarifications on the NBCC’s resolution plan and asked the company to make its bid attractive.

Banks owe the company about Rs 9,800 crore. For its disposal, NBCC has offered to provide 1,426 ac of land worth Rs 5,000 crore. Apart from this, the company has also offered to give 75% of the 858 acres of land to be transferred to Jaypee Infratech to the bankers. NBCC is also willing to give 50% of the proceeds from the sale of benami flats to banks.

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