Following the Supreme Court’s direction, a consortium of seven banks will disburse a loan of Rs 1,500 crore to complete the construction of stalled projects of the erstwhile Amrapali group. State-owned NBCC has completed several residential projects in Noida and Greater Noida under the aegis of Amrapali Stalled Projects and Investment Reconstruction Establishment (Aspire) and under the supervision of the Supreme Court.
On March 28, the Supreme Court directed the Bank of Baroda-led consortium of seven banks to disburse Rs 1,500 crore by Tuesday for the construction of stalled real estate projects of the Amrapali group. An agreement has been signed between Aspire and a consortium of seven public sector banks on March 29 for disbursement of loans worth Rs 1,500 crore for stalled Amrapali projects, NBCC said in a statement.
There are seven banks in the consortium – Bank of Baroda, Indian Bank, UCO Bank, Punjab National Bank, Bank of India, State Bank of India and Punjab and Sind Bank. NBCC said, “About 40,000 home buyers awaiting possession of their dream homes will benefit from this progressive initiative.”
Housing brokerage firm Anarock has received orders to sell around 5,400 unsold flats of the erstwhile Amrapali Group. Recently, Anarock said that it has already facilitated the sale of 150 units for Rs 70 crore. It expects total sales bookings of over Rs 2,200 crore from the entire inventory available for sale.
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