The state-owned National Building Construction Corporation (NBCC) has announced its plan to construct 13,250 new flats with a revenue potential of Rs 15,000 crore. NBCC has been granted approval for the utilisation of unused and purchasable FAR for five Amrapali Group projects in Greater Noida. FAR is the ratio between a building’s total constructed floor area and the land area.
The five projects where the floor area ratio would be utilised are- Centurian Park, GH-05, Sector Tech Zone-IV, Greater Noida; Golf Homes, GH-02, Sector-4, and Greater Noida; Leisure Park, GH-01, Tech Zone-IV. The other areas are- Greater Noida; Leisure Valley, GH-02, Tech Zone-IV, Greater Noida; and Dream Valley, GH-09, Tech Zone-IV, Greater Noida. According to NBCC estimates, the FAR development will offer a variety of unit types including 4BHK, 3BHK, and 2BHK units. NBCC CMD K P Mahadevaswamy said that the construction work for over 13,000 apartments will start in June 2024.
R Venkataramani, Attorney General of India and Court Receiver in the Amrapali projects’ matter, said in a press conference, “Initially, the Greater Noida Authority was not willing to approve the utilisation of unused FAR but after lots of internal pursuances the Authority has permitted for utilisation of unused and purchasable FAR. “NBCC CMD K P Mahadevaswamy said that the expenses on the construction of these flats will be around Rs 10,000 crore. On the other hand, the expected revenue from the utilisation of additional FAR will be around Rs 15,000 crore.
As per the orders of the Supreme Court, Amrapali had stalled projects, investments, reconstruction, and establishment. ASPIRE (Amrapali Stalled Projects and Investments Reconstruction Establishment) was formed to complete the stuck projects of Amrapali through NBCC (India) Ltd in 2019. The troubles for the Amrapali group surfaced in 2017 when cheques to the homebuyers for the payment of interest started bouncing due to the delays. Homebueys went to the Supreme Court which ordered a forensic audit regarding this in 2018. The report of the forensic audit was released in 2019. It pointed out a large-scale diversion of funds meant for the completion of flats.
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