Noida: The Greater Noida Authority has handed over 75 acres of prime land to National Buildings Construction Corporation (NBCC) – tasked with completing the stalled projects of Amrapali group under the supervision of a court receiver – to construct an additional 13,500 flats and sell them at market rates.
The additional flats will come up in five projects the govt-backed company is anyway building — Centurian Park, Golf Homes, Leisure Park, Leisure Valley, and Dream Valley – in Techzone IV.Construction is likely to begin in June and get over in about 30 months.
NBCC, which had already been sanctioned an increase in FAR from 2.7 to 3.5 in these five projects, will now hire an agency to prepare the project report. Collectively, these projects are being built across an area of 305.6 acres, with 75.2 acres of vacant plot now earmarked for development.
Once ready, the flats are likely to be sold at the prevailing market rate – Rs 6,000 per sqft.
KP Mahadevaswamy, the NBCC CMD, said a tender had already been issued to select the agency that will ready the project report.
The additional flats are unlikely to have an impact on amenities at the five projects because the provision for purchasable FAR was already included in the original layout of Amrapali.
“This is in keeping with the norms. It will neither increase the density nor population in the projects. Moreover, there will be no change in ground coverage, green area, parking and other amenities,” he said.
NBCC aims at constructing premium flats of 3BHK and 4BHK sizes, in keeping with the changing inclination of buyers towards larger homes. The number of units in each floor will vary, ranging from 4 to 8 across 80 towers.
“Earlier, we faced difficulties in clearing out inventories as the flats were of smaller sizes. Today, people want bigger homes,” Mahadevaswamy added.
The construction of the additional 13,500 flats is estimated to cost NBCC some Rs 10,000 crore, and earn a revenue of Rs 15,000 crore.
The company will use this revenue to pay off loans taken to complete the Amrapali projects, including Rs 650 crore from SBI Cap and Rs 1,500 crore from a consortium of seven banks led by Bank of Baroda.
“Real estate is seeing a positive curve. So, we expect to earn a good revenue from these flats,” the CMD said, adding that NBCC had paid the Greater Noida Authority Rs 590 crore for the additional FAR.
Last Thursday, the construction company had announced it would complete the remaining 38,000 Amrapali flats by March 2025.
NBCC, primarily handling the construction of Amrapali projects in Noida and Greater Noida under the supervision of court receiver R Venkataramani, has completed 16,000 flats so far. Of these, 6,000 flats have been handed over to buyers, while 10,000 others are awaiting document verification.
Of the total 46,000 flats of Amrapali, NBCC was assigned the responsibility of building around 38,500 flats in 2019 after being appointed the project management consultant under the CR.
“We will complete the remaining 21,000 flats by December 2024. Around 1,000 flats will be built under the Adarsh Awas Yojana by March next year. Close to 6,000 units have been sold for Rs 3,500 crore,” Mahadevaswamy had said.
The embattled developer has 26 projects in total – 11 in Noida, 14 in Greater Noida and one in Manesar. Of these, 14 projects are being executed. A strong workforce of approximately 10,000 has been assigned for the projects in total. One commercial project in Greater Noida – Tech Park – is yet to be started, officials said.
The additional flats will come up in five projects the govt-backed company is anyway building — Centurian Park, Golf Homes, Leisure Park, Leisure Valley, and Dream Valley – in Techzone IV.Construction is likely to begin in June and get over in about 30 months.
NBCC, which had already been sanctioned an increase in FAR from 2.7 to 3.5 in these five projects, will now hire an agency to prepare the project report. Collectively, these projects are being built across an area of 305.6 acres, with 75.2 acres of vacant plot now earmarked for development.
Once ready, the flats are likely to be sold at the prevailing market rate – Rs 6,000 per sqft.
KP Mahadevaswamy, the NBCC CMD, said a tender had already been issued to select the agency that will ready the project report.
The additional flats are unlikely to have an impact on amenities at the five projects because the provision for purchasable FAR was already included in the original layout of Amrapali.
“This is in keeping with the norms. It will neither increase the density nor population in the projects. Moreover, there will be no change in ground coverage, green area, parking and other amenities,” he said.
NBCC aims at constructing premium flats of 3BHK and 4BHK sizes, in keeping with the changing inclination of buyers towards larger homes. The number of units in each floor will vary, ranging from 4 to 8 across 80 towers.
“Earlier, we faced difficulties in clearing out inventories as the flats were of smaller sizes. Today, people want bigger homes,” Mahadevaswamy added.
The construction of the additional 13,500 flats is estimated to cost NBCC some Rs 10,000 crore, and earn a revenue of Rs 15,000 crore.
The company will use this revenue to pay off loans taken to complete the Amrapali projects, including Rs 650 crore from SBI Cap and Rs 1,500 crore from a consortium of seven banks led by Bank of Baroda.
“Real estate is seeing a positive curve. So, we expect to earn a good revenue from these flats,” the CMD said, adding that NBCC had paid the Greater Noida Authority Rs 590 crore for the additional FAR.
Last Thursday, the construction company had announced it would complete the remaining 38,000 Amrapali flats by March 2025.
NBCC, primarily handling the construction of Amrapali projects in Noida and Greater Noida under the supervision of court receiver R Venkataramani, has completed 16,000 flats so far. Of these, 6,000 flats have been handed over to buyers, while 10,000 others are awaiting document verification.
Of the total 46,000 flats of Amrapali, NBCC was assigned the responsibility of building around 38,500 flats in 2019 after being appointed the project management consultant under the CR.
“We will complete the remaining 21,000 flats by December 2024. Around 1,000 flats will be built under the Adarsh Awas Yojana by March next year. Close to 6,000 units have been sold for Rs 3,500 crore,” Mahadevaswamy had said.
The embattled developer has 26 projects in total – 11 in Noida, 14 in Greater Noida and one in Manesar. Of these, 14 projects are being executed. A strong workforce of approximately 10,000 has been assigned for the projects in total. One commercial project in Greater Noida – Tech Park – is yet to be started, officials said.