ASPIRE to Hand Over 7,000 Housing Units to Amrapali Homebuyers

Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE), tasked to complete the construction of almost 40,000 stuck housing units by the erstwhile Amrapali Group, will be handing over 300 units to homebuyers starting July 16. This will take the number of units completed to around 3,000 till date, sources said.

ASPIRE consists of the court receiver, a forensic auditor and a chartered accountant. It is a not-for-profit company under Section 8 of Companies Act, 2013. The company is expected to be ready with another 7,000 housing units by Diwali and around 3,000 more by the end of the financial year, sources told Moneycontrol, adding that as per the plan the remaining units will be completed by end of 2024.

The government’s construction arm NBCC (India) Limited, appointed as construction partner and consultant to complete the stuck housing units, has till date completed around 3,000 units and would be delivering 384 units in the projects — Silicon City II and Dream Valley Villas — starting this weekend, they said.

As much as Rs 2,700 crore has already been spent on the construction of the stuck housing units and another Rs 1,200 crore is expected to be spent by March 2023, they said. Amrapali Group's ex-directors Anil Kumar Sharma, Shiv Priya, and Ajay Kumar are behind bars on the top court's order since 2019 and multiple cases have been lodged against them for allegedly diverting homebuyers’ money.