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NBCC to take up stranded projects of Jaypee, Amrapali

By IndianMandarins- 29 Jul 2018


The home buyers in Delhi NCR region will get some breathing space after several years of frustration and legal battle. There is a possibility that a solution may be in sight for thousands of home buyers in Jaypee Infratech and Amrapali projects in Noida. According to an estimate, the total cost of completing both the projects shall be around Rs 15,000 crore. ENDS

The NBCC (India) is likely to take up the projects to ensure their completion, and hand them over to their bona fide owners. Reportedly, NBCC will act as a Project Management Consultant (PMC) to the projects and ensure their completion by engaging third-party construction companies. 

As a precaution, NBCC has sought full control of the finances through an escrow account though the charge of the company will remain with the current promoters, or with the Insolvency Resolution Professional (IRP). After the projects are completed, a call can be taken on dividing the surplus money lying with the escrow account.

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