Bankers seek guarantee for loans to revive Amrapali projects


Banks that have agreed to provide fresh loans for completing the stalled Amrapali’s housing projects in Noida and Greater Noida want guarantees for recovery of the same.  They have communicated this to the public sector construction company National Buildings Construction Corporation (NBCC) on Friday.


The NBCC had called banks and homebuyers’ representatives to get their views while preparing its report for revival of the projects, which will be submitted to the Supreme Court in September first week. “The banks are comfortable to infuse fresh fund to complete the project with NBCC stepping in, which has full government backing. Since this will be fresh lending, they want to be sure of getting back the investment. There was no discussion about the amount that they have already lent to the builder,” said a representative who attended the meeting.


The exact amount of loan that the banks need to provide as loan is being worked out. Sources said it will take some time since calculations would have to be done on how much homebuyers would pay as per the buyer-seller agreement. NBCC will hold a larger consultation with the homebuyers, who have been waiting for their flats for years. The flat buyers have said that they won’t pay an extra penny than the amount mentioned in the agreement.


While bankers want to protect their fresh lending, the NBCC also reportedly wants to play safe and would propose for decisive role of the Noida and Greater Noida authorities to de-risk its investment.

Written by The Realty Paper

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