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.
