- 15 Jul 2022
- ICICIdirect Research
NBCC announces buyback of flatsNBCC - 34 Change: -1.00 (-2.84 %)
News: NBCC has developed a Residential Complex "NBCC Green View Apartment" at Sector 37D, Gurugram. However, it had received complaints from the allottees regarding certain structural aspects of the project executed by the contractors and the same was being reviewed by the company with inputs from external experts. Now, the company has decided to settle with all the home buyers by way of buy-back of flats and to do remedial measures necessary to give effect to the project.
Views: According to media reports, the quality of construction of the buildings was so poor that within a few months’, cracks had appeared in the pillars, beams and slabs. Thus, the buyback of flats was largely expected as the buildings have been declared unsafe earlier by the district authorities and now by the company itself resulting in eviction of residents.