NBCC Secures ₹400 Cr Projects in Kerala and Chhattisgarh

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Synopsis:

NBCC (India) Ltd. secures contracts worth ₹400 crore from the Supreme Court receiver for completing Amrapali group's projects in Chhattisgarh and Kerala. NBCC's involvement in completing Amrapali's stalled projects is part of the Supreme Court's direction.

NBCC News Today

State-owned NBCC (India) Ltd. has been awarded contracts worth ₹400 crore from the Court Receiver of the Supreme Court of India. These contracts involve development projects in Chhattisgarh and Kerala.

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Project Details

The projects entrusted to NBCC include the development of Amrapali Vananchal City in Bhilai, Chhattisgarh, and Amrapali Cosmos in Aluva, Ernakulam district, Kerala. The Chhattisgarh project is valued at ₹250 crore, while the Kerala project is valued at ₹150 crore.

Background and Court Intervention

In July 2019, the Supreme Court engaged NBCC as a project management consultant to complete dormant projects of the Amrapali group in Noida and Greater Noida, following petitions from homebuyers. The promoters of the Amrapali group are currently in Tihar jail for various offences, with R. Venkatramani appointed as the Court Receiver to oversee the firm's operations as per the apex court's directives.

Continued Role in Amrapali Projects

NBCC's involvement in completing Amrapali's stalled projects is part of the Supreme Court's direction, with the formation of Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE). ASPIRE, through NBCC, aims to complete 38,000 flats and deliver them to homebuyers affected by the delay in project completion. 

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