There is good news for the home buyers associated with the Amrapali project. In fact, a consortium of seven banks led by Back of Baroda has signed an agreement for loan disbursement of Rs 1,500 crore. The other party to the agreement is the Projects and Investment Reconstruction Establishment (Aspire).
The Supreme Court had on March 28 directed a consortium of seven banks to release Rs 1,500 crore by March 29 so that the construction of stalled real estate projects of Amrapali Group could start soon.
The Supreme Court has entrusted the state-owned NBCC to complete the stalled projects of Amrapali Group. Under the supervision of the court, Amrapali’s stalled projects and under the aegis of Investment Restructuring Establishment (Aspire) have completed several housing projects in Noida and Greater Noida. In this, construction of 650 units in Noida and more than 4,500 units has been completed in 23 projects in Greater Noida.
The seven banks that are headed by Bank of Baroda include Punjab National Bank, UCO Bank, Bank of India, State Bank of India, Indian Bank and Punjab and Sind Bank. They have formed a consortium to fund stalled projects of Amrapali Group.