Seven Banks to Contribute INR 1500 Crore Toward The Completion of Delayed Real Estate Projects by Amrapali

Following a Supreme Court directive, a consortium of seven banks would pay Rs 1,500 crore in loans to finish the building of the former Amrapali group's delayed projects.

The state-owned NBCC has completed a number of residential projects in Noida and Greater Noida under the auspices of Amrapali Stalled Projects and Investment Reconstruction Establishment (ASPIRE) and under the Supreme Court's supervision.

On March 28, 2022 the Supreme Court asked a consortium of seven banks headed by Bank of Baroda to disburse Rs 1,500 crore by Tuesday for the building of Amrapali Group's delayed real estate projects.

According to NBCC, an agreement was made on March 29 between ASPIRE and a consortium of seven public sector banks for the disbursement of a Rs 1,500 crore credit for the delayed Amrapali projects.

Bank of Baroda, Indian Bank, UCO Bank, Punjab National Bank, Bank of India, State Bank of India, and Punjab & Sind Bank comprise the consortium.

"This revolutionary effort will help over 40,000 homeowners who are awaiting possession of their dream houses," the NBCC said.

Real Estate sales firm Anarock has been tasked with the responsibility of selling around 5,400 unsold units from the formerly Amrapali group. Anarock has said that it had enabled the selling of 150 apartments for Rs 70 crore. It anticipates total sales bookings of more than Rs 2,200 crore from the sale of all available inventory.