SBICAP Ventures Ltd. will provide Rs 650 Crore to complete six stalled projects of the erstwhile Amrapali Group in the state of Uttar Pradesh. This is a relief to nearly 7,000 home buyers who have been waiting for possession since a long time.
In the year 2019, the honourable Supreme Court had ordered NBCC to finish the construction work of several suspended real estate projects in Greater Noida, Noida in Uttar Pradesh. These projects are currently under the purview of the Receiver appointed by the apex court.
SBICAP Ventures Ltd. takes care of the Special Window for Affordable and Mid-Income Housing (SWAMIH) which is a fund utilised for the completion of real estate projects stranded for a long period of time.
As per the statement shared by NBCC, SBICAP Ventures Ltd. has also signed an MoU with the Court Receiver for funding Rs 650 Crore for the stalled projects
This MoU is expected to pave the way for the completion of apartments for 6,947 homebuyers.
NBCC also added that this news is indeed an achievement for all homebuyers of the projects such as Crystal Homes, Centurian Park-Low Rise, Silicon City – 1, Silicon City 2, O2 Valley, and Tropical Garden since their funding proposal has finally been signed.
The projects’ execution work had become sluggish because of the slow flow of funds and the interruption created by the COVID pandemic.
NBCC believes that the funding from SBICAP Ventures would contribute to expediting and completing the work within the stipulated time frame.
“Under the leadership and guidance of R. Venkataramani, Ld. Court Receiver and the Supreme Court, Committee members Ravi Bhatia (Forensic Auditor), DK Mishra (Chartered Accountant) and Pavan Agarwal (Forensic Auditor appointed by the Court), and the NBCC team led by CMD, NBCC PK Gupta this initiative was consolidated,” the message read.
On July 23rd, 2019, the Supreme Court issued a flogging on the erroneous builders and ordered cancellation of the registration of Amrapali Group under RERA.
The court also ordered NBCC to complete the group’s stalled projects.
In a 2019 ruling, the court also ordered the centre and the states to ensure that the real estate project is finished within the deadline set by RERA and that buyers are not subjected to fraud. In addition, the court also instructed the authorities of Noida and Greater Noida to issue construction completion certificates to the buyers of Amrapali Group houses, who are already living in various projects.