NBCC Adds Assurance by Committing to Deliver 50,000 Supertech Flats in NCR.
NBCC is an Indian Government owned company which is instilling dreams in the hearts of many potential buyers of homes by suggesting a three-phase construction plan. From this plan is expected the 50,000 Supertech flats NCR will be available in the coming three years or more.
A Three-Phase Construction Plan Of 50,000 Flats
In hope of enhancing confidence of thousands of would-be new home buyers, the state-owned Supertech Ltd has come up with a three year construction programme. From this programme, 50,000 flats from 17 projects will be constructed within the period of 3 years. Supertech Ltd is currently under bankruptcy management and is locked in a legal battle with its owners accused of money laundering and financial misappropriation.
Buys Out Stake Of Amrapali Homes And Extension Of Nab Co-Operative Housing Society Ltd.
The public sector construction company, NBCC is not only involved in construction activities but NBCC also does project management consultancy for Amrapali whose permission they have applied to the NCLAT. Many affected home owners look towards NBCC’s efforts in fulfilling the never ending dreams of completion of long overdue projects.
Rebuilding Expenditure and Project Timeline
The estimated rebuilding expenditure for Supertech projects has been placed at Rs 6406 crores. The maximum period specified by NBCC for construction of various apartments in Noida is found to be between 12 and 36 months from ‘Day Zero’. It is the point in time at which all necessary permissions have been obtained, and funds raised.
NBCC further made a resolution for the approval of an “unencumbered designated project account” with a start-up amount of Rs 100 crore for the project to be effective. The project success therefore relies on the Supertech support, the local government bodies, and the homebuyers.
NBCC’S Fee Structure and Project Management
NBCC in its estimates of costs incurred in such projects has included an 8% fee. There is also to be incurred an additional 1% fee charges for marketing charges. The company has considered this fee structure useful to enable smooth operation of the project.
While 13,000 flats have already been delivered in phase one, most of the units that remain are expected to be ready for occupation in phases two and three. However, it has been observed that the current possession levels are still below the anticipated histogram.
Business and Financial Position of NBCC for the Year 2023-2024
NBCC’s revenue growth was minimal in the fiscal year 2023-2024. The company reported a turnover of Rs 23,500 crores for the financial year. In its regulatory filing, however, the company’s share price went up by 7 percent on April 23, 2024 after reporting on its performance had been issued.
NBCC Seeks the Help of NCLAT to Ensure Proper Project Review and Completion
NBCC has asked NCLAT for the setting up of work order reviewing committee. This committee would help in carrying out core activities like project activities collection of funds from homeowners for constructive purposes selling of unsold house units and managing late loans. Further, NBCC has proposed an alteration in the order of execution of construction activities whereby the designated PMC would undertake structural checks. NBCC is also required to execute the inchoate housing projects of the Amrapali Group.
Home Buyers’ Perception and Legal Transparency Threats
People have always rallied behind the NBCC since it remains under the scope of public sector undertaking especially housing buyers whose funds were caught up in the inactive Amrapali projects. The future of Supertech properties, however, raises issues owing to Supertech promoter Ram Kishor Arora, being pending many litigations including, but not limited to, bankruptcy fillings by Union Bank.
Conclusion
NBCC’s participation has been a boon to a number of homebuyers since the company has executed several projects which were stalled earlier. Ever since, the scenario of owning a home in Noida has finally turned into a reality after years of wait.
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