Amrapali centurian park terrace homes construction update

Earlier in August , the apex court had assured banks that lending money to the embattled builder's projects would be secure, since the work was being done under the watch of the country's apex court. Ghaziabad-based Gaurs Group plans to invest nearly Rs 2, crores in various projects of the now-defunct builder Amrapali Group, to complete almost 11, apartments.

These units, in Centurian Park, Verona Heights and Heartbeat City projects, might be delivered in 36 months, after the tender for the same is allotted, said Manoj Gaur, CMD, Gaurs Group, a real estate developer that is also known as Gaursons and is popular majorly for its affordable housing projects.

So far, the group has developed nearly 55 million sq ft of residential and commercial space, mainly in the National Capital Region. The decision by CMD Manoj Gaur-headed company, will help public builder NBCC, which has been appointed by the Supreme Court SC to oversee the completion work at 23 Amrapali projects at an estimated expenditure of Rs 8, crores, to deliver flats according to its three-tier schedule.

We have no large-scale real estate projects as of now and we have sold a majority of our under-construction inventory. As many as 40, homebuyers are waiting for their homes in various Amrapali projects, some of them for more than 10 years. With an aim to generate funds to complete the pending homes of the embattled Amrapali Group, state-run National Building Construction Company NBCC , is likely to announce the sale of over 5, units of the now-defunct builder.

The government company was directed by the Supreme Court, in , to take over the pending projects of the NCR-based builder amid large-scale delays and deliver a total of 38, units by The Enforcement Directorate ED has started questioning Amrapali Group's chief finance officer Chandra Wadhwa, on December 19, , to probe the multi-crore fraud, after getting his custody from a special court on the same day.

The central agency had earlier arrested Wadhwa from Delhi, over his involvement in the scam, involving diversion of funds of up to Rs 6, crores, collected by the company from over 42, homebuyers. On December 15, , the Lucknow bench of the Allahabad High Court had, in fact, rejected the bail plea of Sharma, stating that the offences by the company bosses were committed with cool calculation. November 2, As agencies involved in the process devise various ways to generate enough funds to complete the housing projects of the now-defunct Amrapali Group, the Supreme Court has directed the builder responsible for the task, to continue with the sale of under-construction housing inventory of the embattled group.

Through the proposed sale, state-run NBCC, which has been appointed by the top court to complete the stuck housing projects of Amrapali, is likely to generate over Rs 2, crores. The court-appointed receiver has also informed the SC that MSTC, which has been roped in by the apex court to auction the assets of the insolvent real estate developers, is also likely to generate another Rs crores, by auctioning six assets of Amrapali.

During a hearing on October 13, , the top court told the banking regulator that it should appoint an officer that might act as a facilitator between the SC-appointed receiver and the members of the Indian Banks Association, so that financial support could be arranged for the stuck projects in the fastest manner possible. In various stages of construction, these projects would provide homes to over 43, buyers who have been waiting for their units for a long time, for over a decade in some instances.

With that deadline in mind, NBCC has doubled its workforce from 6, to 12, As banks continue to show caution while offering credit for the completion of stalled project of the beleaguered Amrapali Group, the Supreme Court, on September 21, , asked the RBI to clarify if financial institutions breached any regulatory norms by doing so.

Even after signing MoUs with state-run NBCC, at least five lenders have not been forthcoming in releasing the funds, citing legal limitations. To ensure that the NBCC has access to liquidity to complete the stuck project within stipulated timelines, the SC had also directed home buyers to pay all dues by October 31, Download Our Mobile Apps.

Amrapali Terrace Homes. Techzone 4, Greater Noida show on map. See inclusions. View on Map. Approved for Home loans from following banks. Floor Plan Area Agreement Price. Report Error. Techzone 4, Greater Noida. View Details.

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There are no limits on the number of residential properties that may be bought by an NRI. Have any unanswered questions? About Amrapali Group. Anil Sharma, the group holds expertise in offering well-constructed luxurious homes in prime locations that come equipped with all modern amenities.