NBCC's Successful E-Auction Breathes Life into Stalled Amrapali Projects

State-owned NBCC successfully sold 1,233 housing units for Rs 3,217 crore via e-auction in Greater Noida. This sale supports the completion of delayed Amrapali projects, fulfilling homebuyer aspirations and reducing pending project backlogs. NBCC aims to complete 38,000 flats as directed by the Supreme Court.

State-owned NBCC has successfully sold a significant number of housing units through an e-auction, marking a milestone in resolving the long-standing issues of stalled projects associated with the Amrapali Group. The sale, totaling Rs 3,217 crore, includes 1,233 units in its newly launched Aspire Golf Homes project in Greater Noida.

This development comes under the directive of the Supreme Court, which facilitated the formation of the Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) to assist in completing unfinished projects. NBCC has been mandated to complete 38,000 flats and hand them over to the awaiting homebuyers.

The e-auction for Aspire Golf Homes saw an enthusiastic response, with bids surpassing the reserve prices. NBCC stated that the funds raised will be crucial in mitigating the financial requirements for ongoing project completions, including repayment of bank loans, thus enabling the delivery of homes to their rightful owners.

(With inputs from agencies.)