[INDIAN REAL ESTATE NEWS] Good morning, everyone. I’m Kim suhyeon staff of Kamagroup Pvt. Ltd.
Here I have an important Indian real estate news to share with you which is as undermentioned.|
New Delhi: The Supreme Court on Friday permitted state-owned National Buildings Construction Corporation (NBCC) to start work to complete Amrapali’s two unfinished housing projects in Noida and sought a comprehensive report from it on how the rest of the projects could be completed in a time-bound manner.
A bench of Justices Arun Mishra and U U Lalit asked NBCC to complete two projects— Castle and Eden Park— which were chosen by the company. The two projects were selected as they were at an advanced stage of construction and only Rs 7 crore was required to complete 618 flats in the projects. Other projects need more investments and the fund raised so far by the SC is not sufficient to meet the cost.
As properties of Amrapali Group have been put on auction and some of them are likely to be sold by end of this month, the bench asked NBCC to prepare a blueprint for other unfinished projects also. .
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Have a nice day.