State- owned National Building Construction Corporation’s (NBCC) upcoming policy about taking up stalled real estate projects , will boost housing sector which has been facing rough weather for the last few years.
The NBCC’s plan to come up with this policy follows Supreme Court’s directive to NBCC to take up responsibility to complete the stuck projects of the Noida- based Amrapali Group. NBCC had given a proposal for completion
of 15 residential projects of Amrapali Group comprising over 46000 apartments at an estimated cost of 8500 crore in 6 months to 36 months depending upon the stage of the construction in a particular project. . As per its new policy, NBCC will take up stalled projects where it would eitherwork as a project management consultant, co- developer or a developer.
Says Pradeep Aggarwal, Chairman, Signature Global Group, ” This is a very good development. NBCC is a highly credible public sector organisation that enjoys great reputation among home buyers. Moreover, it has a scale and
capability to take up large number of stalle3d projects and complete them in shortest possible time. The completion and delivery of large number of stalled housing projects will boost the confidence of home buyers, in turn
giving fillip to residential real estate”.