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NBCC needs 8500 crore to complete Amrapali Projects

According to proposal submitted by NBCC (National Buildings Construction Corporation Ltd) in Supreme Court, it will require about 8500 crore to complete 46,575 unfurnished flats and will take about three years to do so. The cost includes NBCC fee of about 774 crore. While selling off unsold flats can generate money to the tune of Rs 4,885 crore, the remaining Rs 3,853 crore would have to be raised to meet the total amount required to complete the flats left unfinished by Amrapali builders.

According to affidavit previously filed by Amrapali, it was informed that Rs 5220 crore are needed to complete all these projects. The major difference in the estimate cost of NBCC and Amrapali is in the completion of Leisure Valley Rs 500 crore approx. and Golf Home Rs 700 crore approx. NBCC will act as a project management consultant (PMC) while the construction and completion will be done by contractors. The company however clarified in the proposal that it will not be responsible for Amrapali’s liabilities.

As of now, NBCC has taken the burden of constructing the remaining unfinished Amrapali housing projects within the next three years.

September 5, 2018 / by / in , , ,
Supertech will invest Rs 800 cr this fiscal to deliver 10K flats in the next year

Supertech – a well known real estate group will invest approximately Rs 800 crores this year in order to complete various construction projects to achieve the target of delivering 10,000 flats in the next fiscal year, according to a top company official.

MD Mohit Arora said that Supertech is also looking forward to its sales booking to increase to Rs 3000 crore during the 2018-19 fiscal because of the increase in demand in real-estate, distinctively from ready-to-move-in flats.

In the last 30 years, Supertech has delivered 40,000 apartments and is aiming to deliver 60,000 flats across different ventures, most notably in Noida, Gurugram and Greater Noida.

In ‘Supernova’, a project by Supertech, the company has built 575 units in its 2 towers. A tower for commercial purpose with a massive area of 10 lakh square feet will be completed by end of this year.

The biggest highlight of Supernova will be an 80-storey tower which will comprise of 250 flats and 600 studio apartments. Another tower will have 80 Armani-residencies and 250-rooms hotel.

Supertech Chairman is aiming to deliver 10000 units in the 2018-19 fiscal year.

Supertech is aiming to raise more funds for executing its projects. In December a year ago, it raised Rs 430 crore from Altico Capital to fund its current housing project in Noida and reimburse debt.  In September last year to complete its Eco-Village residential project, it had raised Rs 350 crore.

August 20, 2018 / by / in , , ,