The state-owned construction firm has initiated the process to appoint 12 consultants to prepare detailed plans for 16 stalled projects in UP, Uttarakhand, Haryana & Karnataka.
Homebuyers from both projects moved SC over delays around the same time, in 2016-2017. While Amrapali's buyers have been delivered homes, Unitech's buyers still await flats or refunds.
Court allows NBCC to buy higher FAR from Noida & Gr Noida authorities to build the flats. Some of the money made from their sale will go towards settling bankrupt builder's lease dues.
Higher floor area ratio will allow National Buildings Construction Corporation to construct more flats in the five projects that have unused land and sell them to pay off Amrapali's pending dues.
Supreme Court has cancelled registration of Amrapali Group, directed NBCC to complete its projects & instructed ED to charge directors with money laundering & fraud.
This is the game every nation is now learning to play. Some are finding new allies or seeing value among nations where they’d seen marginal interest. The starkest example is India & Europe.
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