The Supreme Court in a recent ruling has given go ahead to National Buildings Construction Corporation Ltd (NBCC) to develop stalled projects of the Amrapali Group entailing an investment worth ₹8,500 crore and also directed the Debt Recovery Tribunal to sell the unencumbered commercial properties of the realtor. The court directed the opening of an escrow account in the apex court in which the amount received after the sale of properties would be deposited and later disbursed to the (NBCC) to start construction of the pending projects in Group A and B Categories. NBCC has been authorized to develop the projects and prepare Detail Projects Report and also authorized it to find out the consortium of banks ready to finance the projects and cautioned the NBCC to complete the projects in question within the stipulated timelines. It said there could be some encumbrances of Noida and Greater Noida on these properties, which would be paid at a later stage and Amrapali should provide all necessary details, including title deeds, dues and encumbrances to the DRT officer. It may be recalled that NBCC had given a proposal for completion of 15 residential projects of Amrapali having 46,575 flats at an estimated cost of ₹8,500 crore in 6 to 36 months.
📅Published on:
13 September 2018
🔗Share:
We Value Your Comment
⭐How useful is this information?
Submitting...
03
Thanks for your rating! ✌️ We’d love to hear more - share your thoughts by leaving a comment
Allcargo Logistics Limited has announced its initiative to enable FMCG companies to navigate increasingly fragmented inventory flows through integrated,
GHV Infra Projects Limited has secured a road construction and civil works contract worth Rs 815 crore from APCO Infratech Private Limited in Maharashtra.
JCB India announced the inauguration of a new facility of its dealer, Caculo Earthmovers in Karaswada, North Goa, further strengthening its presence in the
The Godhra–Vadodara section of the Delhi–Mumbai Expressway has been completed and opened for traffic on a trial basis from April 13, 2026, according to the
The Rajasthan State Industrial Development and Investment Corporation will invest Rs 1,200 crore to upgrade infrastructure across more than 450 industrial
Dubai has completed its first air taxi station near Dubai International Airport, marking a major step toward launching electric air mobility services later
Informa Markets in India is gearing up to host the 23rd edition of Roof India, Asia’s premier exhibition for roofing and allied products, from 23–25 April 2026
NBM Media
30+ years of reporting on infrastructure, construction, architecture, & real estate across print, digital, and social media.
