The state-run company NBCC for Jaypee Infratech, facing bankruptcy, improved its bid on Sunday. NBCC has offered land to lenders 1,425 acres instead of 950 acres and half of 3,000 benami flats. Apart from this, NBCC and Security Realty have proposed that they will complete and hand over 21000 flats within three to four years.
Security Realty, the second contender to buy Jaypee Infra, has also proposed to change its bid by giving 1,934 acres of land to the lenders as well as a working capital of Rs 2,000 crore to complete the projects over the next three years. Following the Supreme Court's directive, Anuj Jain, interim resolution professional of Jaypee Infra, had asked NBCC and Suraksha Realty to change their bids.
The government construction company says that within a year it will start doing flat handovers and will also give possession to about 1,000 buyers every quarter. The company says that the construction of those flats which have been completed around 80 per cent will be done first and they will also be done first handover.
Apart from this, it will take two years to hand over the flats whose work is only 40-80 percent completed. According to sources, NBCC will try to resolve all issues in the first 6 months. Apart from this, after getting permission from the Supreme Court, 'Security' has also said that it will take three months to plan and after this, flats will be handed over in three years. ARC has said that if it is not able to give the flat even after four months of the fixed time, then it will also give compensation at the rate of Rs 10 per square foot.
Sources said that NBCC has offered to give 1,426 acres of land to financial creditors, which is worth about Rs 5,000 crore. NBCC had earlier made an offer of 950 acres which was rejected by the Creditors' Committee (CoC) in June. Sources said that Jaypee Infratech has about 3,000 benami flats, which have no claimants. Half of these flats have been offered by the NBCC to the bankers.
NBCC to complete 8 more projects of Amrapali Group
The receiver appointed by the Supreme Court has asked NBCC (India) to start work on eight more stuck projects of Amrapali Group. This decision will provide relief to 9,300 more home buyers of Noida and Greater Noida. A year ago, the Supreme Court had asked the government builder to complete 16 projects of the Amrapali Group. NBCC has completed 2 out of 16 projects which will be handed over to the court receiver soon.