NBCC (India) Ltd., a state-owned enterprise, has successfully sold 111 residential units located in Noida, Uttar Pradesh, for approximately ₹416.53 crore. The sale, conducted through an e-auction, involved properties at Aspire Silicon City.
Advancing Stalled Amrapali Projects
This significant sale is a crucial step in NBCC's ongoing efforts to complete stalled housing projects initiated by the Amrapali Group. Following directions from the Supreme Court, the Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) was formed, tasking NBCC with overseeing the completion of these delayed developments.
NBCC's mandate includes finishing approximately 38,000 flats and ensuring their handover to eager homebuyers. Beyond these initial units, the company is also actively developing over 10,000 additional apartments across five other ongoing Amrapali projects situated in Greater Noida.
Previous Auction Success
The recent Noida flats sale follows a similar successful e-auction held in November of the previous year. In that instance, NBCC sold 609 residential units in Greater Noida (West) for a total of ₹1,069.43 crore. Those units were part of the Aspire Leisure Valley and Aspire Centurian Park projects.
As a project management consultancy and real estate developer, NBCC is set to receive a marketing fee equivalent to 1% of the total sale value from the latest transaction.