Following the clearance for utilizing unused and purchasable FAR for five Amrapali projects in Greater Noida, NBCC has announced plans to construct 13,250 flats with a revenue potential of Rs 15,000 crore. The projects set to benefit from this decision include Centurian Park, GH-05, Sector Tech Zone-IV; Golf Homes, GH-02, Sector-4; Leisure Park, GH-01, Tech Zone-IV; Leisure Valley, GH-02, Tech Zone-IV; and Dream Valley, GH-09, Tech Zone-IV.
FAR, representing the ratio between a building’s total constructed floor area and the land area, has been a crucial aspect in the completion of Amrapali projects through NBCC as directed by the Supreme Court in 2019.
R Venkataramani, Attorney General of India and Court Receiver in the Amrapali projects’ matter, acknowledged the initial reluctance of the Greater Noida Authority towards approving the FAR utilization but expressed satisfaction with the eventual permission granted.
NBCC CMD K P Mahadevaswamy outlined that the construction expenditure for the flats will be approximately Rs 10,000 crore, while the revenue from additional FAR utilization is expected to reach Rs 15,000 crore. The projects are scheduled to commence construction in June 2024, with an estimated completion timeframe of 30 months.
The surplus revenue generated will be allocated towards paying bank loans and dues to the Greater Noida Authority. NBCC will also need to pay Rs 590 crore to the Authority for the additional FAR.
The construction is anticipated to encompass close to 16 million sqft, offering various unit types across 80 towers. These projects aim to address the housing needs of the region while alleviating the financial burden on the embattled Amrapali firm.
NBCC has already completed and commenced handover of around 16,000 flats, with nearly 6,000 units sold, amounting to close to Rs 3,500 crore. With this move, NBCC continues its commitment to completing stalled projects and fulfilling homebuyers’ aspirations in Greater Noida.
