In a recent development, NBCC the State-owned construction company has cleared that it will not invest any money for the completing of debt-laden Amrapali group’s stalled projects that require an investment of Rs. 8,500 crore. In July, the Supreme Court had asked the National Buildings Construction Corporation [NBCC] to complete the Amrapali group’s stalled projects at a commission rate of 8 percent.
Yogesh Sharma, NBCC’s Executive Director (Finance) informed about the construction cost while replying to an investor’s query related to balance construction cost for stalled Amrapali projects.
Being the Project Management Consultant, NBCC will receive 8 percent commission as directed by the Supreme Court, the official informed after receiving an investor’s call as soon as the financial results for the first quarter were announced.
The National Building Construction Company file the transcript of investor call with stock exchanges.
Yogesh Sharma said that this funding will be arranged, explicitly it has been put in our proposal also and agreed by the Supreme Court that the funding will be arranged by either the Supreme Court through its various mechanism which it is operating through Amrapali group of company and the NBCC will definitely not be investing any money in the construction of the project.
The Amrapali group’s stalled projects are estimated to be completed in the next four to five years. This tenure is expected while considering the volume of work along with the difficulties that are in the way of the completion process.
A few days ago, the Supreme Court had directed Noida and Greater Noida authorities to commence the procedure of flat registration in the name of Amrapali homebuyers. The highest court also warned the officials and said that the officer(s) caught for the delay in offer of possession will be sent to jail.
Both the Noida and Greater Noida authorities have informed the court that separate cells have been made to carry out the process in a seamless manner.