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Amrapali in talks to complete its under-construction projects with NBCC

Amrapali today said in the Supreme Court that it is in talks with National Buildings Construction Corporation (NBCC) to take over and complete it’s under construction projects.

The statement comes after a committee was set up by the Uttar Pradesh government last week, which asked NBCC to explore the possibility of completing the much-delayed projects of Amrapali and few other builders.

NBCC through its counsel said that the proposal is currently under consideration.

It is not clear as to which projects, if approved, will be taken over by NBCC.

Amrapali is to develop a total of 40,987 units which requires Rs 5,112 crore to complete. Co-developers such as Noida-based Galaxy Group, IIFL-Viridian consortium and Kanodia Cement were roped-in to complete these projects.

Sources say that while construction activity has started in the projects where Galaxy is a co-developer, all other projects have seen no movement.

Meanwhile, the central government has appointed a monitoring committee to oversee various delayed projects in Noida including those of Amrapali. It will work under the housing and urban affairs ministry.

The committee held a meeting today with NBCC, Noida authority, Greater Noida authority and Amrapali.

The apex court said that this is the last adjournment being granted in the case.

All directors of Amrapali have been ordered to be personally present on the next hearing to be held on August 1. They have also been asked to submit their financial statements and details of personal assets.


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