NBCC's Major Home Sale Spurs Amrapali's Stalled Projects

State-owned NBCC has sold 417 outdated homes in Noida and Greater Noida, securing Rs 1,045.4 crore via e-auction, as part of efforts to complete Amrapali's stalled projects. Under Supreme Court's guidance, ASPIRE was formed, leading NBCC to finish 38,000 flats for homebuyers.

State-owned NBCC (India) Ltd has achieved a significant milestone by selling 417 homes in Noida and Greater Noida, generating Rs 1,045.4 crore through a successful e-auction. This sale is a crucial part of NBCC's ongoing efforts to complete the stalled housing projects of the defunct Amrapali Group.

Following a Supreme Court directive, the Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) was established, assigning NBCC the responsibility to continue the unfinished work left by Amrapali. NBCC was tasked with delivering 38,000 flats to homebuyers, ensuring the long-delayed dreams of many will soon become a reality.

Through regulatory announcements, NBCC revealed that the residential units were sold at Aspire Leisure Valley in Greater Noida and Aspire Silicon City, Phase IV, Sec-76 in Noida. The keen interest gathered during the e-auction reflects confidence in NBCC's project management and real estate prowess as the company also plans to develop and sell an additional 10,000 apartments. NBCC will earn a marketing fee of 1% on the sale value, aiding in financing construction costs.