India’s largest bail-out initiative starts for over 41000 stuck Amrapali homeowners

New Delhi March 24, 2022 – ANAROCK Group, the exclusive channel partner for the sale of 5000+ unsold homes in projects by the erstwhile Amrapali Group, has sold 150 units at an approx. sale value of Rs 70 CR within just 30 days. ANAROCK will deploy its proprietary PropTech marketing tools to market these projects.

NBCC has undertaken the completion of 650+ units in Noida and 4500 + units in 23 projects in Greater Noida under the aegis of Amrapali Stalled Projects and Investment Reconstruction Establishment (ASPIRE) and supervision of the Supreme Court of India.

P K Gupta, CMD – NBCC, says “41,000+ sold and 5,000+ unsold units in 20+ stalled projects, together accounting for 46,000+ units, will be delivered by NBCC in tranches by June 2024. It is the beginning of the biggest customer redressal initiative in the history of Noida/Greater Noida’s real estate market.”

This been the biggest launch of any real estate project in NCR, comprising of 23 projects which include more than 5600 units of different size apartments.

Santhosh Kumar, Vice Chairman – ANAROCK Group says, “The real estate market in Noida and Greater Noida is once again in growth mode, and there is high demand for the revitalized NBCC projects. Unsold housing stock in Noida and Greater Noida has reduced by 21% in the last 2 years. The total unsold stock in the two cities collectively stood at 64,010 units by 2019-end; it came down to approx. 50,260 units by 2021-end. Despite the pandemic, the two cities witnessed high sales.”

Amrapali Projects – Latest Developments

• The Supreme Court of India, vide its judgment on 23.07.2019, has appointed Sr. Advocate R. Venkataramani as Ld. Court Receiver of the erstwhile Amrapali Group, and NBCC was appointed to complete 23 projects in Noida and Greater Noida.
• All transactions will take place under the banner of Ld. Court Receiver Committee, created specifically to revive almost 46000 stalled homes. NBCC has appointed construction partners in all affected projects, and construction is underway at every site. VNIT Nagpur has been appointed as a consultant to oversee and ensure adequate construction quality for 20 of the Amrapali projects, and NIT Jalandhar to additionally provide third-party quality monitoring for two projects.
• This will ensure standardized, high-grade construction quality using MIVAN technology, an innovative European aluminium structure formwork specifically suited for mass construction in some of the housing projects
• As per the construction blueprint, all included projects will be completed and delivered by June 2024 at an estimated project cost of Rs 8189.82 Cr – Rs 3870.38 Cr via sold inventory receivables, Rs 2215.79 Cr via marketing of currently unsold inventory, Rs 951.15 Cr via attached properties, Rs 342.74 Cr via surrendered units, and Rs 88.97 Cr via marketable commercial spaces, and FAR approx. Rs 1220 Cr.

Pricing

In Phase 1, the properties on offer range from 1 BHKs to penthouses priced between Rs 20 lakh to Rs 1.5 Cr, in 20 projects in Noida and Greater Noida.

In the first sales window opened a month ago offers 500 units in the ‘Kingswood’, ‘Golf Homes’, and ‘Dream Valley Phase 2’ projects in Greater Noida, and ‘Zodiac’ in Noida, on a first-come-first-served basis. An early bird offer period is currently in force, and home loan financing options are available on-site via multiple nationalized banks.