NBCC E-Auction Boosts Noida Real Estate Revival

NBCC (India) Ltd successfully sold 446 apartments in Noida for Rs 1,468 crore via e-auction, crucial for the completion and financing of stalled projects. The Supreme Court-formed ASPIRE enables NBCC to resolve the Amrapali Group's stuck residential ventures, benefiting numerous homebuyers.

State-owned NBCC (India) Ltd has achieved a significant milestone by selling 446 apartments in Noida, amassing a sizeable Rs 1,468 crore through an e-auction.

According to a regulatory disclosure on Friday, NBCC disclosed that these residential units, situated at Aspire Silicon City, PH-IV in Sector-76, Noida, were auctioned for a total of approximately Rs 1,467.93 crore. NBCC is set to earn a marketing fee of 1% from this transaction.

Following a Supreme Court directive, the Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) was established to facilitate the completion of halted projects by the Amrapali Group, spearheaded by NBCC. The state-owned entity is tasked with finalizing 38,000 flats, thus handing them over to prospective homeowners. This e-auction is a critical step towards not only completing these projects but also settling the debts incurred in the process.

(With inputs from agencies.)