NBCC to Appoint Anarock as Channel Partner to Sell Amrapali Flats

NBCC to appoint Anarock Property Consultants as the channel partner to sell embattled real estate developer Amrapali Group’s 5,192 housing units in Noida and Greater Noida. A formal letter of award will be issued this week to Anarock Property Consultants, after it quo

BY Realty Plus
Published - Thursday, 02 Sep, 2021

NBCC to Appoint Anarock as Channel Partner to Sell Amrapali Flats

NBCC to appoint Anarock Property Consultants as the channel partner to sell embattled real estate developer Amrapali Group’s 5,192 housing units in Noida and Greater Noida. A formal letter of award will be issued this week to Anarock Property Consultants, after it quoted a lower bid than another brokerage firm which had qualified in the technical evaluation, said a senior official. NBCC had invited bids from property consultants to take over the sale of housing units of Amrapali Group valued at Rs 2,182.57 crore along with 21,897 sq ft of commercial space worth Rs 25 crore. “We had initially received responses from four companies and their bids were evaluated on technical grounds. Two companies were shortlisted and Anarock had quoted the lowest amount,” said an NBCC official, who did not wish to be identified. NBCC was initially struggling to fund the construction and many contractors had written to the corporation threatening to stop the work as payment for work was not released for four months. But now NBCC is expected to raise Rs 1,500 crore from the sale of unused floor area ratio (FAR) while SBICAP Ventures Ltd has already committed Rs 650 crore for six projects and other private and public sector banks have agreed to infuse another Rs 1,500 crore. NBCC is involved in the completion of 23 Amrapali Group housing projects, the cost of completion of which is estimated at about Rs 8,500 crore.