New Delhi: The thousands of homebuyers who have been awaiting the possession of their homes for almost a decade now from Amrapali Group finally have some good news coming their way — state-owned real estate major National Buildings Construction Corporation (NBCC) has promised to start work on the project from February 8 and deliver 2,643 flats in a year. The decision was taken after NBCC officials met with ML Mohaty, the lawyer representing homebuyers, on the court’s directive and finalised a blueprint to start the construction.
Sapphire I, Sapphire II, Castle will be taken up in Phase I
Three housing projects — Sapphire I and Sapphire II in Noida and Castle in Greater Noida — will be taken up by NBCC in the first phase. The state-owned company has agreed to start construction with the total cost involved adding up to Rs 77.54 crore. It said 2,643 flats would be built and handed over.
Work on other stalled projects — Dream Valley and Centurian Park — would be initiated in the second phase after funds have been made available after the handing over of flats.
The housing project that NBCC will take up in Phase I had been launched by Amrapali way back in 2011. Over 46,000 buyers have been awaiting the possession of their flats.
The commitment to start the construction on a firm date has been a big boost to the embattled real estate sector, particularly in the satellite cities of Noida and Greater Noida. The breather comes after long-drawn court hearings and prosecution of builders accused of duping homebuyers and getting away with hundreds of crores of rupees through illegal transactions.