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New Delhi: Government owned National Buildings Construction Corporation (NBCC) has completed 7,100 houses out of 38,159 houses in the East Amrapali Projects In Noida And Greater Noidathat have been stuck for years. Sources said that around Rs 5,000 crore would be required to complete the remaining houses and the agency would have to explore additional options such as selling the unused Floor Area Ratio (FAR) in existing projects to get the required funds.
Speaking to TOI, NBCC chairman and managing director PK Gupta said that 2,650 completed units have been handed over to homebuyers so far. “We have around 11,000 laborers deployed on 23 projects. Our focus is on completing them quickly despite many challenges. It was a very challenging task to complete the projects, which were stuck at various stages for years. But we are doing well progressing at a rapid pace.” We are confident that we will be successful in selling all the unsold inventory and raise the necessary funds to complete the projects.”
NBCC has prepared a roadmap to complete the projects by March 2025. Gupta said the biggest challenge for him was to make home buyers pay the installments in the stuck projects as they had lost hope of getting their homes. “Once we started the construction work on a large scale after arranging the funds, the buyers gained confidence and started paying their instalments,” he added.
Responding to a question whether this should be the model where new players are taking over the stuck projects, Gupta said such real estate firms or agencies need to get the support of buyers and start work to revive the projects. Money should be arranged.
To revive the projects, NBCC has mobilized Rs 2,150 crore. Officials said nine of the 23 projects – Sapphire-1 and 2, Princely Estate, Silicon City-1, Platinum and Titanium, Silicon-2, Leisure Valley Villas and Dream Valley Villas – are nearing completion.
Sources said NBCC is facing several challenges like double allotment, large number of missing defaulter buyers, litigation and claims.
The agency has spent around Rs 4,121 crore till January, while it has received around Rs 3,950 crore from various sources, including installments paid by homebuyers and sale of unsold units.
Sources said NBCC would require around Rs 9,567 crore to complete all the projects, while the estimated availability of funds from various sources is pegged at Rs 6,977 crore. About half of this deficit can be met by sale of unutilized FAR in existing projects, he said. The agency is likely to seek Supreme Court nod for sale of unutilized FARs.
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