NBCC which functions under the Ministry of Housing and Urban Affairs said on Monday it is ready to help unfinished housing projects in Noida and Greater Noida in order to deliver “quality products to home buyers on time.”
Some good news for those home buyers who are stuck because their housing projects are delayed. Public sector construction firm National Building Construction Corporation (NBCC) is actively considering taking over incomplete housing projects, completing them and handing them over to their bona fide owners.
It is conducting project site inspections to collect essential details on the projects, which are running behind schedule. According to Dr. Anoop Kumar Mittal, chairman-cum-managing director, NBCC, “We are exploring options on how we can help realty projects which could not be completed on time and home-buyers or investors could not get flats. We are exploring the projects developed by Amrapali, Jaypee Group and other builders,”.
According to Liases Foras, a realty research company, there are at least 2.34 lakh housing units which are delayed by over two years in Delhi NCR and Mumbai. Around 826 housing projects are delayed by over 3 years across India, according to a survey done by industry body Assocham.
Home buyers who are waiting for the completion of projects cannot approach the government’s construction arm directly for the delayed project. Either the government entities or financial institutions can only directly approach the State-run NBCC (India) to get the delayed projects completed
NBCC May Work As A Project Consultant
Officials said NBCC is not only ready to help incomplete housing projects, but also willing to take up new housing projects. NBCC, on Monday, expresses its interests from private realty players for joint development projects. It intends to work as a co-developer for project management consultancy, project branding, sales, marketing on the licensed land owned by the private realty firms or government agencies. The interested realty companies can submit their proposal to the public sector construction firm till September 1, officials said.
“It could be one way in which all unfinished housing projects can get completed and home buyers who have invested their money can get their homes on time. The best part is once the government decides to step in through its construction arm to complete the unfinished housing projects, banks too would be willing to provide funds in the stalled project because there is a trust factor in the realty market,” said Mr.Rajiv Ranjan, Sales Head, clicbrics.com.
NBCC May Complete Pending Amrapali Projects
Recently the Uttar Pradesh government had formed a six-member committee to help more than three lakh home-buyers, who have been facing problems because of the stuck residential projects in Noida, Greater Noida, and Yamuna Expressway industrial development authority areas.
Now, NBCC is readying to work on Rs 15,000-crore plan to complete the unfinished apartments that were supposed to be delivered by Amrapali Group and Jaypee Infratech. This will benefit nearly 50,000 stranded homebuyers who have been waiting for the long delay in getting possession of their homes even after paying nearly 90 percent of the amount.
Currently, NBCC is working on housing projects worth Rs. 80,000 cr across India and have great potential to complete projects.