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NBCC gets nod to complete projects worth ₹10,000 cr

By IndianMandarins- 22 Feb 2024
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New Delhi (22.02.2024): NBCC (India) Limited has been granted an in-principle approval by the Greater Noida Authority for a 3.5 Floor Area Ratio (FAR). The projects, estimated at a value of around ₹10,000 crore, include Centurian Park (GH-05, Sector Tech Zone-IV, Greater Noida), Golf Homes (GH-02, Sector-4, Greater Noida), Leisure Park (GH-01, Tech Zone-IV, Greater Noida), Leisure Valley (GH-02, Tech Zone-IV, Greater Noida), and Dream Valley (GH-09, Tech Zone-IV, Greater Noida), all located in the Tech Zone-IV sector of Greater Noida.

 

In March 2023, the Supreme Court asked NBCC to submit a proposal on the unused Floor Area Ratio which is the ratio between a building’s total constructed floor area and the land area. This additional FAR would allow NBCC to construct new dwellings on the unused land in the five projects, sell them and utilize the proceeds to pay off the embattled firm’s pending dues.

 

Collectively, these projects span a total plot area of 305.59 acres, with 75.24 acres of vacant plot area now earmarked for development. The FAR development is set to encompass close to 1.6 Cr. Square Feet, offers a variety of unit types including 4BHK, 3BHK, and 2BHK units. The number of units per floor will vary, ranging from 4 to 8, with a total of 80 towers planned in these 5 projects. The built-up area is projected to reach around 2.23 Cr. Square Feet excluding basement area.

 

On this occasion, K.P. Mahadevaswamy, CMD, NBCC said, “By diligently completing these projects, NBCC is not just constructing buildings, but fulfilling the dreams of thousands of homebuyers who have invested their hard-earned money and aspirations into these projects. Completion will provide them with their long-awaited homes, bringing stability and happiness to their lives. The company is confident that through its dedicated efforts and continued support from stakeholders, it will achieve this ambitious target and deliver justice to the Amrapali homebuyers.”

 

Status of the existing/ongoing work: 

There are 26 projects in total with 11 projects in Noida, 14 projects in Greater Noida and one project in Manesar.  12 Amrapali projects, namely Eden Park, Sapphire-1, Princely Estate, Silicon City-1, Platinum & Titanium, Zodiac, and Silicon-2 located in Noida and the projects of Castle, Leisure Valley Villas, Centurian Park Low Rise & O2 Valley, Kingswood and Leisure Park located in Greater Noida have been completed by NBCC.

 

Currently, 14 projects are under execution. A strong workforce of approximately 10,000 is working across various projects. One commercial project in Greater Noida, i.e., Tech Park is yet to be started. NBCC has completed and started to hand over units to Ld. Court Receiver/Committee/Home Buyers. Around 16,000 flats across various projects are completed. NBCC is committed to complete the projects having approximately 22,000 units including finishing work before March 2025. Close to 6000 units have been sold with a sale value of close to Rs 3500 Crore.

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