Seven banks to disburse Rs 1,500 crore for completion of stalled projects of Amrapali

A consortium of seven banks will disburse Rs 1,500 crore loans to complete the construction of stalled projects of the erstwhile Amrapali group, following a direction by the Supreme Court.

The state-owned NBCC has undertaken the completion of many residential projects in Noida and Greater Noida under the aegis of Amrapali Stalled Projects and Investment Reconstruction Establishment (ASPIRE) and the supervision of the Supreme Court.

On March 28, the Supreme Court directed the Bank of Baroda-led consortium of seven banks to effectuate disbursal of Rs 1,500 crore by Tuesday for the construction of stalled real estate projects of Amrapali Group.

In a statement, NBCC said that an agreement has been signed between ASPIRE and a consortium of seven public sector banks on March 29 for the disbursal of a Rs 1,500-crore loan for stalled Amrapali projects.

The seven banks in the consortium are — Bank of Baroda, Indian Bank, UCO Bank, Punjab National Bank, Bank of India, State Bank of India and Punjab & Sind Bank.

“Nearly 40,000 homebuyers awaiting possession of their dream homes will be benefited from this progressive initiative,” the NBCC said.

Housing brokerage firm Anarock has got the mandate to sell around 5,400 unsold flats of erstwhile Amrapali group.

Recently, Anarock said 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 available inventories for sale.