Friday, 17 September 2021

NBCC auctions unsold FAR at Amrapali Group’s Princely Estate project in Noida for Rs 43 crore

“The first unused FAR has been successfully auctioned for Rs 43 crore,” sources said, adding the payment would be made in the next six months.


Vandana Ramnani

The government’s construction arm NBCC which is tasked with delivering 38,159 flats by the erstwhile Amrapali Group by 2023, has auctioned unused floor area ratio (FAR) in the housing project of embattled real estate developer Amrapali Group Princely Estate at Sector 76, Noida for Rs 43 crore, sources told Moneycontrol.

It had invited bids for sale of unused FAR at Princely Estate in the second week of August with a reserve price of Rs 40 crore. “The first unused FAR has been successfully auctioned for Rs 43 crore,” sources said, adding the payment would be made in the next six months.

It is expected to raise Rs 1500 crore from the sale of unused FAR in the housing projects of Amrapali Group across seven locations. “We are targeting next month for the sale of two more FARs,” sources said.

"The total unsold FSI that has been auctioned is around 2.6 lakh sq ft. The amount will go into completion of unfinished units of erstwhile Amrapali Group," sources told Moneycontrol.

The last date of submission of the pre-bid was August 29, 2021, and the earnest money deposit was Rs 4 crore, the document said.

The Supreme Court had earlier directed the Metal Scrap Trade Corporation (MSTC) to sell the unsold FAR.

Floor Area Ratio (FAR) is the ratio of the total floor area of a building to the land area on which the building has been constructed. It indicates the total area on all floors that can be built on a plot of land. FSI of 150 means that 1.5 times the land area can be constructed on the land.

Earlier, NBCC had invited bids from property consultants to take over the sale of over 5,000 unsold units of the erstwhile Amrapali Group. Four brokerage firms were in the race of which Anarock emerged as the successful bidder.

The court had in 2019 asked the government’s construction arm to finish and deliver 38,159 flats by the erstwhile Amrapali Group by 2023 after several homebuyers sought its intervention, complaining about years of delay in handing over their homes.

The total cost of completing all stuck projects by Amrapali Group is approximately Rs 8,500 crore. NBCC is executing these projects as PMC and would get 8 percent as fees. It is not using its funds, which are being facilitated by a receiver appointed by the Supreme Court.

The SC on October 13, 2020, had permitted the court receiver to incorporate a special purpose vehicle (SPV) to enable flow of funds from SBICap for completion of unfinished projects. SBICap has agreed to fund Rs 650 crore for around 7,000 stuck units.

It is for this reason that the company Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) has been floated. It consists of a court receiver, a forensic auditor and a chartered accountant. It is a not-for-profit company under Section 8 of Companies Act, 2013.

Ashish 
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