NBCC to launch premium apartments in new housing scheme

The NBCC has decided to build premium apartments of 3BHK and 4 BHK categories in its new housing scheme, to be launched in June, instead of making “affordable apartments” in the vacant land available in Greater Noida’s delayed Amrapali projects.

The NBCC is set to build a total of 13,500 apartments and launch at a rate of 6,000 per square feet. It will not launch affordable apartments in this scheme in view of the rising demand for premium apartments in Noida and Greater Noida region, said NBCC officials.“We have started the process to rope in an expert consultant that will prepare the detailed project report about our new housing project consisting of 13,500 apartments. We aim to finalise the consultant in a month or two as we have already invited the applications from consultants after the request for expression of interest was issued,” said KP Mahadevaswamy, chairman and managing director of the NBCC.

“Once the consultant submits its DPR (detailed project report) having the details, we will start the work at the site. We will launch these apartments… offering premium quality units to people,” he added

The NBCC has decided to launch the scheme after the Greater Noida authority gave its approval to increase floor area ratio (so that NBCC can build taller housing towers) from existing 2.75 to 3.5.

“It means we can build more apartments by vertically developing 13,500 apartments in Greater Noida’s project. It does not mean by developing more units the move will affect the quality of common services. The common facilities such as park, club, swimming pool and other facilities will remain in a better state in this housing project,” he explained.

Having a total value of around 15,000 crore, these 13,500 apartments will be built in Greater Noida West’s Centurian Park (GH-05, Sector Tech Zone-IV, Greater Noida), Golf Homes (GH-02, Sector-4, Greater Noida), Leisure Park (GH-01, Tech Zone-IV, Greater Noida), Leisure Valley (GH-02, Tech Zone-IV, Greater Noida), and Dream Valley (GH-09, Tech Zone-IV, Greater Noida), all located in the Tech Zone-IV sector.

In March 2023, the Supreme Court had directed the NBCC to submit a proposal on the unused floor area ratio (FAR) — the ratio between a building’s total constructed floor area and the land area.

This additional FAR would allow NBCC to construct new dwellings on the unused land in the five projects, sell them and utilize the funds to clear the Amrapali Group’s financial dues.

These five Greater Noida West projects — spread on an area of 305.59 acres, with around 75.24 acres of vacant plot area —are now earmarked for the new housing project.

The FAR utilisation will help in the development of around 1.6 Cr. Square Feet residential area offering a variety of unit types including 4BHK and 3BHK apartments, the CMD said.

“The NBCC aims to build 4 to 8 apartments on one floor with a total of 80 towers proposed in these five projects. The built-up area is projected to reach around 2.23 Cr. Square Feet excluding basement area,” he added.

Once launched, the new project will be built and delivered in 33 months.

“The 13,500 apartment project involves costing of around 10,000 crore. And we will be able to sell these apartments for 15,000 crore increasing the profit out of this project. With the profit we will be able to clear the debt of the Amrapali Group,” said DK Mishra, committee member, Amrapali Group.

There are 26 projects in total with 11 projects in Noida, 14 projects in Greater Noida and one project in Manesar.

Another housing project will be launched in Noida’s Silicon City that has around 31,000 square metres of unused land in the heart of Noida’s sector 76 area. However, this land is still having some legal issues that have delayed the new project that will be launched here too.

“There is some legal case pending in the Supreme Court with regard to the 31,000 sq. metres plot in sector 76. Once the legal issue is resolved the fate of this land will be decided,” said Ravi Bhati, committee member, Amrapali Group.