Noida: Good news for 40,000 homebuyers! Banks to disburse Rs 1,500 crore to complete Amrapali projects

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.

New Delhi: A consortium of seven banks led by the Bank of Baroda will provide Rs 1,500 crore loans for the construction of stalled projects of the erstwhile Amrapali group. The step was taken by the banks on a recent Supreme Court order.

National Buildings Construction Corporation (NBCC), a state-owned company, has undertaken several stalled residential projects in Noida and Greater Noida under the aegis of Amrapali Stalled Projects and Investment Reconstruction Establishment (ASPIRE) and supervision of the Supreme Court, according to a report by PTI. 

The Supreme Court, on Monday (March 28), had directed the consortium of seven banks to disburse Rs 1,500 crore by Tuesday (March 29) for the construction of the stalled residential projects of Amrapali Group. The seven banks are Bank of Baroda, Indian Bank, UCO Bank, PNB, Bank of India, SBI and Punjab & Sind Bank.

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

"Nearly 40,000 homebuyers awaiting possession of their dream homes will be benefited by this progressive initiative," the NBCC said. Also Read: Apple introduces $50 million global upskilling fund; Indian employees to benefit soon

Moreover, housing brokerage firm Anarock has received the mandate to sell around 5,400 unsold flats of the erstwhile Amrapali group. Recently, Anarock said it has already facilitated the sale of 150 units for Rs 70 crore. The company expects a total sales bookings of over Rs 2,200 crore from the entire available inventories for sale. Also Read: SEBI issues timelines for rebalancing portfolios of mutual fund schemes

- With PTI inputs.