NBCC Announces Major E-Auction
State-owned NBCC (India) Limited is set to e-auction 262 ultra-luxury apartments in Delhi's prestigious Chanakyapuri area. These premium residences, part of the flagship Avenue Towers project in Sarojini Nagar, carry reserve prices starting at over ₹15 crore per unit, with the sale expected to generate approximately ₹4,400 crore.
Funding Redevelopment Projects
Proceeds from this significant auction will be allocated to fund the redevelopment of General Pool Residential Accommodation (GPRA) colonies across Delhi. This includes key areas such as Sarojini Nagar, Netaji Nagar, Sriniwaspuri, and Kasturba Nagar. The redevelopment initiative operates under a self-financing model, aiming to modernize aging government housing without imposing additional financial burdens on public funds.
Key Dates for Bidders
Prospective buyers interested in the Avenue Towers apartments must submit their earnest money deposit (EMD) by July 30. A pre-bid meeting is scheduled for July 24, offering an opportunity for clarifications. The online e-auction itself will take place on July 31, with successful bidders being allotted their apartments that same day.
Avenue Towers: Features and Amenities
The Avenue Towers project consists of 262 four-bedroom apartments distributed across nine residential towers, each soaring 10 storeys high. Each floor will feature two to three apartments, interconnected by skywalks, and residents will have access to a shared clubhouse and meticulously landscaped open spaces.
- Configurations: Apartments are available in three distinct configurations, offering saleable areas of approximately 4,200 sq ft, 4,300 sq ft, and 4,700 sq ft. Carpet areas range between 2,518 sq ft and 2,598 sq ft.
- Parking: Every apartment includes three dedicated parking spaces.
- Sustainable Design: Designed as a sustainable green residential development, Avenue Towers boasts a 50,000-square-foot clubhouse, sky gardens, an open-air gym, yoga deck, residents' lounge, and a pet park.
- Luxurious Touches: Features also include spacious balconies and terraces, tower-specific entrance lobbies, drop-off porches, and a generous floor-to-floor height of 3.22 meters.
Project Completion and Broader Vision
The Avenue Towers project has already secured registration under the Real Estate Regulatory Authority (RERA), with NBCC anticipating construction completion within the next two years. This development is a crucial component of NBCC's broader land monetisation strategy, designed to finance the extensive redevelopment of government housing colonies in Delhi. The larger GPRA redevelopment program, estimated at around ₹32,000 crore, aims to replace 12,970 older government quarters with 21,083 modern residential units, alongside creating additional commercial spaces, social infrastructure, and sustainable urban amenities across the capital.