NBCC to Sell Amrapali Unsold Inventory for Funds

NBCC has placed an action plan for sale of unsold inventories and floor area ratio (FAR) before the Supreme Court (SC), which has now been directed to be amended in consultation with the SC-appointed receiver and senior advocate R Venkataramani and his committee. If the current pace of construction continues, the entire unsold inventory can be sold in the next 12 months. The total unsold residential units are 5,229 and are valued at Rs 2215.77 crore. The unsold commercial units are 560 along with a nursery school, nursing home and milk booths, and are valued at Rs 212.97 crore. The likely amount of FAR of two projects at Noida is Rs 242.24 crore and five projects in Greater Noida is Rs 1,784.38 crore, which is calculated based on the approximate market value duly vetted by committee members. It was proposed that the sale of the inventory would be undertaken in a phased manner after the completion of the project but the apex court was of the view that instead of waiting for completing the project, the sale process should be initiated immediately.