Amrapali requires over Rs 5,000 cr to complete 26 incomplete projects


According to an affidavit submitted by Amrapali in the Supreme Court on Wednesday, Amrapali is committed to completing a total of 26 projects in four baskets that are currently in various stages of completion. The total proposed cost to complete these projects is Rs 5,112 cr.


The cost to complete these projects includes the co-developer expenses, the company said in the affidavit. It also needs to infuse fund of Rs 411.50 cr. The fund infusion cost by co-developer/NBFC is approx 15-17%.


These projects are intended to be completed through co-developers namely Noida-based Galaxy Group, IIFL-Viridian consortium and Kanodia Cement.


SC had ordered builders, home buyers, Noida and Greater Noida authorities to meet and come up with a joint proposal under which all Amrapali projects can be simultaneously undertaken in association with co-developers.


"We have given details of co-developers and construction status of projects and timeline for each of the project," said Alok Agarwal, counsel of Amrapali.


The highest amount of Rs 1492.70 cr is required to complete the Amrapali Lesiure Valley project. The company has proposed a period of 3-42 months to complete this project.  Next is Amrapali Dream Valley project that would require Rs 1339.47 cr and will take a proposed time-period of 9-42 months to complete.


The company has proposed an outer limit of 10 months for development of Amrapali Sapphire phase 1 and additional two months just in case there’s something extra to be done, said Ashwarya Sinha, counsel representing home buyers. For Amrapali Sapphire phase 2- proposed period is 12-15 months with 15 months being the outer limit to complete the project.


Apart from this, company has proposed to complete Amrapali Princely Estate in proposed time period of 12 months. Under this project, out of 919 units about 600 units are already complete and possession has been given for the same. "But the project lacks lift and water tank," said Sinha.

Written by The Realty Paper

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