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SBICAP Ventures to provide Rs 650 cr for stalled projects of Amrapali Group

Thursday, 05 Aug 2021
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SBICAP Ventures has agreed to provide Rs 650 crore for completing six stranded projects of erstwhile Amrapali Group in Uttar Pradesh. 
The development will come as a relief for around 7,000 homebuyers who have been waiting for long for possession of their flats in these projects. 
In July 2019, the Supreme Court mandated NBCC to complete stalled real estate projects in Noida and Greater Noida in Uttar Pradesh. These projects are currently under the receiver appointed by the apex court. 
SBICAP Ventures manages the Central government-sponsored Special Window for Affordable and Mid-Income Housing (SWAMIH) Fund that is to be utilised for completion of stalled real estate projects. 
SBICAP Ventures has entered a memorandum of understanding (MoU) with the court receiver for providing Rs 650 crore for the six stalled projects. The MoU will pave the way for completion of flats of 6,947 home buyers. 
The execution works for the projects were affected due to slow inflow of funds and disruptions caused by the COVID-19 pandemic. 
With the funding from SBICAP Ventures, NBCC will expedite the works and aim to complete the projects within the scheduled time. 
The initiative got cemented under the directions of the Supreme Court of India and Ld Court Receiver R Venkataramani, Committee Members -- Ravi Bhatia (Forensic Auditor), D K Mishra (Chartered Accountant) and Pavan Agarwal (Forensic Auditor appointed by the Court) as well as the team of NBCC under the leadership of CMD, NBCC P K Gupta. 
On 23 July 2019, the Supreme Court ordered cancellation of the registration of Amrapali Group under real estate law RERA. The court had also directed NBCC to complete the stalled projects of the group. 
In the 2019 order, the court also directed the Centre and states to ensure that real estate projects are completed in a time-bound manner as contemplated in RERA and homebuyers are not defrauded. 
Further, it had ordered the Noida and Greater Noida Authorities to give completion certificates to the home buyers of Amrapali Group who are already residing in various projects.
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