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Real Estate

Can state-owned developer NBCC rescue over 40,000 stranded Amrapali homebuyers?

NBCC has to execute the unfinished projects of troubled private realtors Amrapali and Unitech on the directions of the Supreme Court. It could set a precedent, but the Navratna PSU has its task cut out. Given the odds, there’s neither any clarity on funding nor the guarantee that it can deliver on time.
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shaileshmenon
21 Aug 2019 7 Mins Read 1 comments
Homebuyers of Amrapali projects protest against the builder in Noida. Getty Images
Homebuyers of Amrapali projects protest against the builder in Noida.
It’s a test case for India’s real-estate sector. A state-run developer has been tasked with closing a mammoth residential project launched by a private builder. If it pulls it off, bailing out thousands of stuck homebuyers, there may be demands for similar experiments in other parts of India. Last month, the Supreme Court directed government-owned civil engineering company NBCC
(projects launched before 2011) strewn across the top seven cities in India. Of these, close to 1.54 lakh are located at Delhi-NCR. “Handing over such projects to competent authorities would reduce the number of delayed or on-hold projects by a good measure. This will also help homebuyers trapped in these projects,” adds Das. ( Graphics by Mohammad Arshad)
It’s a test case for India’s real-estate sector. A state-run developer has been tasked with closing a mammoth residential project launched by a private builder. If it pulls it off, bailing out thousands of stuck homebuyers, there may be demands for similar experiments in other parts of India. Last month, the Supreme Court directed government-owned civil engineering company NBCC (projects launched before 2011) strewn across the top seven cities in India. Of these, close to 1.54 lakh are located at Delhi-NCR. “Handing over such projects to competent authorities would reduce the number of delayed or on-hold projects by a good measure. This will also help homebuyers trapped in these projects,” adds Das. ( Graphics by Mohammad Arshad)

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user Chandra Shekhar Sood HNB Garhwal University, hnb garhwal university

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