State-run NBCC (India) is expected to raise Rs 478 crore by auctioning six assets of Amrapali group. The money will be used in completing the stuck projects of the real estate developer.
The six assets that will be auctioned include floor area ratio with a reserved price of Rs 55 crore with capacity to build three new towers in Princely Estate in Sector 76, 12.73 hectares of land worth Rs 44 crore in Udaipur, and Amrapali hospital worth Rs 21 crore in Greater Noida’s Sector Omega-I.
The notice has also been issued to auction three pre-cast factories of the group in Greater Noida valued at Rs 179 crore, Rs 140-crore and Rs 39 crore respectively.
The auction will take place on October 31.
“NBCC will expedite the work on construction once it gets the fund. While homebuyers have been asked to deposit money, the remaining amount will be recovered by auctioning properties of the group,” said an NBCC official.
The work on eight projects in Noida involving 11741 units in Silicon-1&2, Silicon-Crystal Homes, Sapphire I &II, Princely, Platinum/Titanium and Zodiac and three projects in Greater Noida- Centurian Park-Low rise and Valley, Leisure Valley Villa and Dream Valley Villas involving 2666 units are in progress.
NBCC said that they have started handing over flats to homebuyers.
Over 40,000 homebuyers of Amrapali have started paying the remaining amount from August, as per the latest payment schedule prepared by the state-run NBCC (India).
NBCC has divided the stuck Amrapali projects in three categories and delivery of flats will start within six months.
As per the schedule, over 10000 homebuyers, who will get the possession by June 2021, will have to pay the remaining amount in four instalments of 25%.
Rest of the homebuyers are allowed to pay in 10 instalments of 10% as per the delivery schedule.
The new payment schedule has come in the wake of protest by homebuyers. In the latest order dated July 10, SC had directed all the homebuyers to make the payment in accordance with the fund flow requirement of the NBCC.
“In the next three years, we are expecting Rs 3200 crore from buyers and with partial funding starting from August, we expect to follow the construction schedule and deliver all flats by February 2023. About seven projects that are to be completed by June 2021, have a due of Rs 200 crore and they will pay in four instalments,” said a NBCC official.
NBCC is involved in the completion of 23 housing projects by Amrapali Developers. The estimated cost of completion of all Amrapali projects is about Rs 8,500 crore.