NCR housing dream: NBCC might take up stalled projects

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New Delhi | Updated: July 29, 2018 2:09 AM

NBCC is ‘interested’ in taking over stalled projects in the Noida, Greater Noida and Yamuna Expressway area.

NCR housing dream: NBCC might take up stalled projects (Representative image)

NBCC is ‘interested’ in taking over stalled projects in the Noida, Greater Noida and Yamuna Expressway area, Anoop Kumar Mittal, project management consultant, chairman and managing director of the state-run company, has said. “We will hire another company and get the projects completed…For this we will charge our consultation fee,” Mittal said.

Last week, the Amrapali group informed the Supreme Court that it is in talks with NBCC for it to take over and complete under-construction projects. The statement comes after an empowered committee headed by Union housing secretary Durga Shankar Mishra asked NBCC to explore the possibility of completing the much-delayed projects of Amrapali, Jaypee group, Unitech and 3Cs Company. Jaypee and Amrapali are already facing insolvency, while Unitech managing director is in prison, with the matter in the Supreme Court.

Mittal, however, said the state-run construction company will take up projects only if they are commercially viable for them.

“We are going to be selective in taking up projects…Amrapali has told us that buyers have to pay some amount. Our team is also looking at it. We have to see how much money will come from home buyers and how much will be needed to complete the project, after which we will decide to take up any project,” Mittal said.

Home buyers have said that they are ready to pay the pending amount only if a reliable player takes charge of the project, but will not pay anything extra. As per the affidavit submitted with the Supreme Court, the Amrapali group will be developing a total of 40,987 units that are to be completed, which requires Rs 5,112 crore to complete. Co-developers such as Noida-based Galaxy Group, IIFL-Viridian consortium and Kanodia Cement have been roped in to complete these projects.

As per a senior government official, NBCC has stated that they would come in as project management consultant and take up a project only if there is no litigation involved. “If things move forward and if any agreement is signed, then Amrapali will continue to remain the promoter and will be responsible for any litigations. They might even be asked to deposit its unsold inventory with NBCC, which may be mortgaged to raise the project management consulting fees,” the official said. NBCC might initially decide to take up only a couple of projects, the official said, adding that a similar model may be considered in case of other delayed projects by other developers in Noida, which may be taken up by either NBCC or other agencies.

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