Amrapalli

State-owned NBCC on Tuesday announced sales of 5,000 units for Rs 2,900 crore across several residential projects of erstwhile Amrapali Group. As per the direction of the Supreme Court, Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) was formed to complete the stuck projects of Amrapali through NBCC (India) Ltd. "In a step towards the resolution of the stuck Amrapali project, NBCC has completed the sale of 5,000 flats having a value of around Rs 2,900 crore. This is a significant step towards delivering relief to the thousands of purchasers who have been waiting for years for their apartments," the company said in a statement. With this, the company has completed the sale of over 80 per cent of the inventory available. The sale of these 5,000 units has been conducted by ASPIRE, a company floated to complete the pending Amrapali projects, under the supervision of the Supreme Court-appointed court receiver. According to NBCC, there were 46,575 apartments

Come this Diwali, nearly 2,000 flats will be ready for possession for the embattled Amrapali homebuyers, and by the end of this year, 11,000 flats will be ready for possession

The CBI has filed an FIR against Amrapali Leisure Valley Developers Pvt Ltd and its director Anil Sharma among others for allegedly cheating Bank of Maharashtra and Andhra Bank of over Rs 230 crore

The proceeds from unsold units will be utilised to complete the stalled projects of Amrapali group

The second of a three-part series looks at how the overall economic slowdown and govt action on the debt-laden builders have altered the real estate landscape of Gurugram region

The complainant has clearly mentioned in the FIR that Amrapali Group had amassed Rs 2,647 crore for its various projects from the eager home buyers

Mumbai metropolitan region, comprising Mumbai city, Navi Mumbai and Thane, leads the pack (in delayed projects) with 210,000 units at an approximate valuation of Rs 2.34 trillion

The company expects construction work to start from December for the first set of projects comprising over 11,000 apartments