New Delhi: The Supreme Court Thursday cleared the decks for the NBCC, a public sector undertaking under the central government, to construct nearly 8,000 additional apartments in six of the 24 stalled Amrapali projects in Greater Noida and Noida. Funds generated from the sale of these flats will be used to recover project costs and clear dues the bankrupt real estate developer owes Noida and Greater Noida authorities. Amrapali had declared bankruptcy in 2017 and abandoned the 24 projects, leaving thousands of homebuyers in the lurch.
Of the 24 project sites, unused land was available for development at six sites — Centurian Park, Golf Homes, Leisure Park, Leisure Valley, and Dream Valley in Greater Noida, and Silicon Phase-2 in Noida. A bench of justices Bela Trivedi and Satish Sharma allowed the NBCC — appointed by the SC to complete the stalled Amrapali projects — to pay Rs 743.16 crore to Noida and Greater Noida authorities for purchase of higher floor area ratio (FAR) in two installments in January and March next year.
FAR is the ratio between a building’s total constructed floor area and land area. K P Mahadevaswamy, chairman and managing director of NBCC, told ThePrint, “This will help expedite the ongoing construction work. We will now get higher FAR ranging between 2.
75 and 3.5. This will allow us to construct nearly 8,000 new flats.
” He added: “We are expecting nearly Rs 15,000 crore from the sale of these additional flats. This will be used to pay the .