State-owned NBCC on Wednesday said SBICAP Ventures Ltd has agreed to provide Rs 650 crore for completing six stranded projects of erstwhile Amrapali Group in Uttar Pradesh.
The development will come as a relief for nearly 7,000 home buyers who have been waiting for long for possession of their flats in these projects.
In July 2019, Supreme Court mandated NBCC to complete various stalled real estate projects in Noida and Greater Noida in Uttar Pradesh. These projects are currently under the Receiver appointed by the apex court.
SBICAP Ventures Ltd manages the central government-sponsored Special Window for Affordable and Mid-Income Housing (SWAMIH) Fund that is to be utilised for completion of stalled real estate projects.
SBICAP Ventures Ltd has signed a Memorandum of Understanding (MoU) with the Court Receiver for providing Rs 650 crore for the six stalled projects, NBCC said in a statement.
The MoU will pave the way for completion of flats of 6,947 home buyers.
NBCC said it was a matter of achievement for all the home buyers of projects -- Silicon City-1, Silicon City-2, Crystal Homes, Centurian Park- Low Rise, O2 Valley and Tropical Garden -- as their long-awaited funding proposal has been successfully signed.
The execution works for the projects were hampered due to slow inflow of funds and disruptions caused by the COVID pandemic.
With the funding from SBICAP Ventures, NBCC said it would expedite the works and aim to complete the projects within the scheduled time.
"The initiative got cemented under the able guidance and directions of the Supreme Court of India and Ld. Court Receiver R Venkataramani, Committee members - Ravi Bhatia (Forensic Auditor), D K Mishra (Chartered Accountant) and Pavan Agarwal (Forensic Auditor appointed by the Court) as well as the team of NBCC under the leadership of CMD, NBCC P K Gupta," the statement said.
On July 23, 2019, Supreme Court cracked the whip on errant builders and ordered cancellation of the registration of the Amrapali Group under real estate law RERA.
The court had also directed NBCC to complete the stalled projects of the group.
In the 2019 order, the court also directed the Centre and states to ensure that real estate projects are completed in a time-bound manner as contemplated in RERA and home buyers are not defrauded. Further, it had ordered the Noida and Greater Noida authorities to give completion certificates to the home buyers of Amrapali group who are already residing in various projects.
