This follows a recent order by the Supreme Court directing financial institutions to disburse the balance loan amount to homebuyers.
“The order will provide huge relief to thousands of hassled homebuyers, who have been suffering for many years. Implementation of some more projects is in progress with the funds made available by the Supreme Court,” said PK Gupta, CMD of NBCC, formerly known as National Buildings Construction Corporation Ltd.
The estimated cost of completion of all Amrapali projects is about Rs 8,500 crore, and NBCC, with the support of the apex court, has handed over two stalled projects. Execution work at eight more projects housing 12,169 units valued at Rs 618.08 crore, is ongoing.
“We are confident that the execution work would be fast-tracked as a result of timely deposit of outstanding dues by homebuyers, providing much needed relief to them,” Gupta said.
In July last year, the top court asked NBCC to take over and complete the stuck projects of the Noida-based Amrapali, besides ordering a probe against its promoters for allegedly siphoning off money from homebuyers.
The projects, to be delivered between May and June next year, are located in Noida and Greater Noida.
NBCC is involved in the completion of 23 housing projects by Amrapali Developers.
The company has invited tenders for 11 more projects involving a total of 31,812 units, valued at Rs 6,815.76 crore. These tenders are likely to be finalised by July, it said.
As per government estimates, around 458,000 housing units are currently stuck across more than 1,600 projects in the country.
In NCR, projects by Unitech and Jaypee have also been taken over by the government. These projects affect nearly 75,000 homebuyers.
For homebuyers, the ordeal may not have ended yet.
“We have to see how banks will restructure loans of those homebuyers who have defaulted on payments,” said Dipanker Kumar, a buyer of an Amrapali flat.
Once homebuyers get pending loans from banks, they will deposit it with the court receiver, who in turn, will make it available to NBCC to complete further work.
Till now, the court has extended Rs 136 crore to NBCC.
The projects which will be delivered in May and June 2021, are Zodiac, Saphire-1, Saphire-2, Silicon Phase-1, Princely Estate and Platinum & Titanium, located in Noida and Greater Noida.