31 , March , 2022
In a major development, following a direction by the apex court, seven banks have come forward to form a consortium and will disburse Rs 1,500 crore loans to complete the construction of stalled projects of erstwhile Amrapali group. These seven banks forming the consortium are namely Bank of Baroda, Indian Bank, UCO Bank, Punjab National Bank, Bank of India, State Bank of India and Punjab & Sind Bank.
Previously, the state-owned NBCC has undertaken the completion of many residential projects in Noida and Greater Noida under the aegis of Amrapali Stalled Projects and Investment Reconstruction Establishment (ASPIRE) and supervision of the Supreme Court.
Recently, the Supreme Court directed the Bank of Baroda-led consortium of seven banks to effectuate disbursal of Rs 1,500 crore for the construction of stalled real estate projects of Amrapali Group.
In a statement, NBCC said that an agreement has been signed between ASPIRE and a consortium of seven public sector banks on March 29 for the disbursal of Rs 1,500 crore loan for stalled Amrapali projects.
Brokerage firm Anarock has received the mandate to sell around 5,400 unsold flats of erstwhile Amrapali group. Anarock informed that it has already facilitated the sale of 150 units for Rs 70 crore and further expects a total sales booking of over Rs 2,200 crore from the entire available inventories for sale.
(WITH INPUTS TAKEN FROM PTI)
