More Built-up Area For Amrapali Projects, Sale To Fund Completion, ET RealEstate

November 30, 2023
1 min read
noida more built up area for amrapali projects sale to fund completion

<p>File Photo</p>
File Photo

NOIDA: The Greater Noida Industrial Development Authority (GNIDA) has cleared additional construction in projects of the beleaguered Amrapali Group, which are being completed by public sector company NBCC through a Supreme Court-monitored process.

The GNIDA is expecting a revenue windfall of Rs 450 crore by allowing extra floor area ratio (FAR) in the projects. NBCC is working under the supervision of Supreme Court-appointed receiver R Venkataramani and is completing five residential projects of Amrapali – Centurion, Smart City, Leisure Park, Leisure Valley and Dream Valley in Greater Noida.

The GNIDA had allocated 317 acres of land for these residential projects. In an attempt to generate funds, NBCC had earlier urged GNIDA to increase FAR, which would pave the way for construction of more flats and houses that could be sold to raise funds for other stalled projects of the Noida-based group that went bust with its owner being jailed for alleged diversion of funds.

GNIDA CEO Ravi Kumar NG told TOI, “Originally, the Amrapali group was given a FAR of 2.75 and NBCC has been demanding 3.5 FAR. We have agreed to their demands and this will result in (revenue of) Rs 450 crore. NBCC will soon deposit this amount in GNIDA’s account.”

The Amrapali group owes nearly Rs 5,200 crore to the GNIDA in dues. Following its bankruptcy and the appointment of a receiver by the Supreme Court in 2019, the chances of recovery became slim. In the queue of creditors, GNIDA, officials said, ranks fourth, following homebuyers, banks and other stakeholders.

The approval of additional FAR is part of the extensive discussions with the court receiver to ensure maximum benefit for all the main stakeholders, including homebuyers, officials said.

  • Published On Nov 29, 2023 at 09:10 AM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETRealty App

  • Get Realtime updates
  • Save your favourite articles

Scan to download App
realty barcode

Source link


Curation Team will curate content from different sources and present for you. We will not edit any content. Source link is provided for the source from where its received .

Leave a Reply

Your email address will not be published.

2023112803 montreal olympicparkhotel600
Previous Story

Hotel, conference centre planned for Montreal’s Olympic Park • RENX

2023112801 toronto 277queensway joya600
Next Story

Greybrook, Stafford buy T.O. Adelaide St. development site • RENX

Latest from Blog