State-owned NBCC Ltd on Tuesday said that banks have shown interest in providing funds to complete the stalled projects of defunct Amrapali group.
On July 23, 2019, the Supreme Court ordered cancellation of the registration of Amrapali Group under real estate law RERA. The court had directed NBCC to complete the stalled projects of the group.
In a statement, NBCC said that the monitoring committee appointed by the Supreme Court convened a meeting on Monday with nationalised and private banks to discuss the financing for Amrapali Projects. NBCC's Executive Director was present in the meeting.
"Post MoU signing of Ld Court Receiver with SBICAP Ventures Ltd for funding 6 Amrapali Projects at Noida and Greater Noida last week, other reputed banks have shown interest in funding the stalled Amrapali Projects," NBCC said in a statement.
More than 42,000 homebuyers, who have been waiting for possession of their dream homes, will be benefited by this progressive initiative, it added.
Currently, the NBCC is facing execution hurdles due to slow inflow of cash which is expected to get sorted soon.
"All the credit of these initiatives taken for completing the works of erstwhile Amrapali group projects goes to the Supreme Court of India, appointed Committee members and the team of NBCC collectively working to end the long wait of the suffered homebuyers," the statement said.
Last week, NBCC informed that the SBICAP Ventures Ltd has agreed to provide Rs 650 crore for completing six stranded projects of erstwhile Amrapali Group in Uttar Pradesh.
SBICAP Ventures Ltd has signed a Memorandum of Understanding (MoU) with the Court Receiver for providing Rs 650 crore for the six stalled projects. The MoU will pave the way for completion of flats of 6,947 home buyers.
The six projects are -- Silicon City-1, Silicon City-2, Crystal Homes, Centurian Park- Low Rise, O2 Valley and Tropical Garden across Delhi-NCR.
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.
In July 2019, the 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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU