A consortium of seven banks will disburse loan worth Rs 1,500 crore to complete the construction of stalled projects of Amrapali Group, following a direction by the Supreme Court.
The state-owned NBCC has undertaken the completion of residential projects in Noida and Greater Noida under the aegis of Amrapali Stalled Projects and Investment Reconstruction Establishment (ASPIRE) and supervision of the Supreme Court.
On 28 March 2022, the Supreme Court directed the Bank of Baroda-led consortium of seven banks to effectuate disbursal of Rs 1,500 crore for the construction of stalled real estate projects of Amrapali Group.
An agreement has been inked between ASPIRE and a consortium of seven public sector banks on 29 March 2022 for the disbursal of Rs 1,500 crore loan for stalled Amrapali projects.
The seven banks in consortium include, Bank of Baroda, Indian Bank, UCO Bank, Punjab National Bank, Bank of India, State Bank of India and Punjab and Sind Bank.
As many as 40,000 homebuyers awaiting possession of homes will be benefited by this initiative. Anarock, a housing brokerage firm, has got the mandate to sell around 5,400 unsold flats.