NBCC willing to help incomplete realty projects in Noida and Greater Noida

The central government’s construction firm National Building Construction Corporation (NBCC) India Ltd said on Monday it is ready to help incomplete housing projects in Noida and Greater Noida in order to deliver “quality products to home buyers on time.”

The construction agency said it is conducting site inspections to collect required details on the projects, which are running behind schedule.

“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,” said Dr Anoop Kumar Mittal, chairman-cum-managing director, NBCC.

Officials said NBCC is not only willing to help stuck housing projects, but also take up new ones.

NBCC, which functions under the Union ministry of housing and urban affairs, on Monday invited expression of interests from private realty players for joint development projects.

“We can also become a co-developer in new projects. We can handle all sorts of work such as project management, technical consultancy and construction since we have the required expertise. The objective is that investors or home-buyers can get units on time and better quality products. We are open to tie up with top developers who are coming up with new projects in Noida. We can help them if they wish,” Mittal said.

NBCC added that it intends to enter into collaboration/joint venture as a co-developer/implementing agency for project management consultancy, project branding, sales, marketing on the licensed land owned by the private firms or government agencies. The interested realty firms can submit their proposal to NBCC till September 1, officials said.

“Once we will receive the applications from realty firms or other private or government agencies we will process the proposals,” said Mittal.

On June 18 this year, the Uttar Pradesh government had formed a six-member committee to help over three lakh home-buyers, who have been facing multiple problems in Noida, Greater Noida and Yamuna Expressway industrial development authority areas.

The committee, headed by secretary, ministry of housing and urban development, has conducted meetings with stakeholders and has also met NBCC officials. The committee is deliberating on ways to help the stuck realty projects and ensure delivery of flats on time to home-buyers facing problems for a long time.

“NBCC is exploring economic viability of projects before it finalises how it can help in finishing these stuck projects. For example if a project is to get ₹200 crore in remaining flat cost from home-buyers for already sold units and the construction requirement is ₹150 crore, then NBCC can step in because the project can make a profit. But the committee is deliberating on ways to solve issues faced by the home-buyers. It is yet to finalise any plan,” said Alok Tandon chief executive officer of the Noida authority, who is also a member of the committee.

“We have already given representation to NBCC about our projects. We want the NBCC should come and help finish projects so that the home-buyers can get ready flats,” said Shiv Priya director Amrapali Group.

The Jaypee Group refused to comment as the matter is sub judice in the Supreme Court.