AU Real Estate Acquires 446 Flats in Noida for Rs 1,468 Crore in NBCC E-Auction
AU Real Estate has successfully acquired 446 flats in a housing project in Noida for Rs 1,468 crore through an e-auction conducted by NBCC. The company plans to sell these units in the open market at a higher price.
Real EstateNoidaNbccEauctionAspire Silicon CityReal EstateMay 19, 2025
The acquisition aligns with the Supreme Court's directive to complete the stalled projects of the former Amrapali Group. ASPIRE (Amrapali Stalled Projects Investments Reconstruction Establishment) was formed to oversee the completion of these projects, with NBCC tasked with completing 38,000 flats and handing them over to homebuyers.
NBCC announced the sale of 446 residential units in the Aspire Silicon City project through a regulatory filing last week. The total sale value of these units was Rs 1,467.93 crore. Although NBCC did not initially disclose the buyer, AU Real Estate Director Ashish Agarwal confirmed the acquisition of selling rights for the 446 units.
The total saleable area in the Aspire Silicon City project is 13.85 lakh square feet, and the reserve price was set at Rs 10,500 per square foot. AU Real Estate acquired the units at a slightly higher rate. Agarwal stated that the company will sell these apartments to end-users and investors at a higher price than the acquisition cost.
The company plans to launch the project soon and will sell the units in a staggered manner. Agarwal also mentioned that AU Real Estate will pay the total bid amount of Rs 1,468 crore to NBCC in a staggered manner, linked to the progress in construction costs. This payment is obligatory, even if the company is unable to sell the units.
The Aspire Silicon City project spans 8.5 acres and comprises approximately 600 units, out of which 446 have been sold through the auction. NBCC has been selling apartments in bulk to complete projects and repay debts. To date, NBCC has sold 4,470 units across five projects through e-auction, generating Rs 9,700 crore. Other notable buyers in these auctions include Gaurs Group, Mansan Builders, and Happy Valley Infra.
AU Real Estate, established in 2022, is currently developing two projects in the Delhi-NCR region. This acquisition marks a significant milestone for the company, positioning it as a key player in the Noida real estate market. The company's strategy to sell these units at a higher price is expected to generate substantial returns and contribute to the overall development of the region.
Frequently Asked Questions
What is the total sale value of the 446 flats acquired by AU Real Estate?
The total sale value of the 446 flats acquired by AU Real Estate is Rs 1,467.93 crore.
What is the reserve price per square foot for the flats in the Aspire Silicon City project?
The reserve price per square foot for the flats in the Aspire Silicon City project is Rs 10,500.
How many units are there in the Aspire Silicon City project?
The Aspire Silicon City project comprises approximately 600 units.
What is the total saleable area in the Aspire Silicon City project?
The total saleable area in the Aspire Silicon City project is 13.85 lakh square feet.
How many units has NBCC sold across five projects through e-auction?
NBCC has sold 4,470 units across five projects through e-auction, generating Rs 9,700 crore.
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