5 Projects by Amrapali Group gets a yes from NBCC, Government's Construction Arm

NBCC, the government's construction arm, announced that it has obtained approval from the Greater Noida Authority to develop the untapped and available floor area ratio (FAR) in five Amrapali projects valued at Rs.10,000 crore.

In the filing, the company quoted, "This is to inform that NBCC (India) Limited has obtained the in-principle approval of Greater Noida Authority for the development of unused and purchasable FAR in furtherance of existing projects of Amrapali valuing Rs.10,000 crore (approximately).”

The five projects are located in comprise Centurian Park, GH-05, Sector Tech Zone-IV, Greater Noida 2; Golf Homes, GH-02, Sector-4, Greater Noida; Leisure Park, GH-01, Tech Zone-IV, Greater Noida; Leisure Valley, GH-02, Tech Zone-IV, Greater Noida and Dream Valley, GH-09, Tech Zone-IV, Greater Noida.

In the year 2019, NBCC Ltd, a construction company owned by the government, was assigned by the Supreme Court to finish 26 halted Amrapali projects, which consist of 38,500 housing units. NBCC was designated as the project management consultant (PMC) during that period, and Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) was established to finalize the pending projects of Amrapali under the oversight of the court receiver appointed by the Supreme Court.

During March of 2023, NBCC was requested by the Supreme Court to present a plan regarding the unused Floor Area Ratio, which represents the relationship between a building's total constructed floor area and the land area. Reports indicate that this extra FAR could enable NBCC to develop new residential units on the vacant land within the five projects, sell them, and use the generated funds to settle the outstanding debts of the troubled company.

In December of 2023, the company revealed that they had sold 5,000 units for Rs.2,900 crore in various residential projects previously owned by the Amrapali Group.

In December 2023, the erstwhile Amrapali Group disclosed the sale of 5,000 units across multiple residential projects, amounting to Rs.2,900 crore in revenue.

This week, NBCC had said in a regulatory filing that it has secured a contract worth Rs.332 crore for infrastructure development works for Rani Lakshmi Bai Central Agriculture University. The project cost is Rs.331.9 crore.

NBCC had declared in December that there are 26 projects in total with 11 projects in Noida, 14 projects in Greater Noida and one project in Manesar. NBCC had said then that it has completed 11 projects in Noida and Greater Noida, while 14 projects are under execution. One commercial project in Greater Noida Tech Park is yet to be started.

NBCC announced in a regulatory filing this week that it has successfully obtained a contract valued at Rs.332 crore for the purpose of infrastructure development at Rani Lakshmi Bai Central Agriculture University. The total cost of the project is Rs.331.9 crore.,

According to company's statement, NBCC has also stated that the completion of the World Trade Centre, located in Nauroji Nagar in the national capital, is anticipated to occur within this fiscal year. The project is advancing swiftly towards its conclusion, having achieved over 90 percent of physical progress.