After the 2019 apex court verdict, NBCC got the mandate to complete 38,159 units of Amrapali and finish the common facilities in those projects.
All of Amrapali’s housing projects are expected to be fully constructed by 2025, according to a high-ranking official from the state-owned National Buildings Construction Corporation (NBCC). To date, NBCC has completed the construction of nearly 13,500 homes in Amrapali’s long-stalled housing projects spanning Noida and Greater Noida.
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The remaining roughly 25,000 apartments are anticipated to be finalised by March 2025. This development comes as a significant relief to individuals whose investments were entangled in the halted Amrapali housing projects in Noida and Greater Noida.
The Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) was established by the Supreme Court to oversee the completion of Amrapali’s suspended projects through the NBCC.
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KP Mahadevaswamy, the CMD of NBCC, stated in an interview with PTI that despite the challenges, NBCC is unwavering in its commitment to finish the Amrapali projects. He emphasized, “We are dedicating our resources so that the dream of homeownership for the project’s buyers is realized. We anticipate concluding all projects by March 2025.”
The official also disclosed that out of the 13,500 constructed flats, 5,100 units have already been handed over to the buyers.
Following the Supreme Court’s ruling in 2019, NBCC was tasked with completing 38,159 units within the Amrapali projects and finalising the shared facilities in these developments.
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According to reports, NBCC had expended approximately Rs 5,512.10 crore as of September 2023. The company has received Rs 5,229.60 crore from clients up to October 23. Funding for the delayed projects was provided by seven banks, including Indian Bank, State Bank of India, Punjab National Bank, Bank of Baroda (the lead bank), UCO Bank, Bank of India, and Punjab & Sind Bank.
Notably, the Supreme Court ordered the Enforcement Directorate (ED) to register money laundering cases against Amrapali’s Chairman and Managing Director Anil Sharma, along with directors Shiv Priya and Ajay Kumar.
The apex court also highlighted the diversion of homebuyers’ funds by the Amrapali Group, a violation of the Foreign Exchange Management Act (FEMA) and Foreign Direct Investment (FDI) regulations. The Supreme Court further noted that the Amrapali Group, Noida, and Greater Noida authorities colluded in committing the fraud.
