AU Real Estate Acquires 446 Flats in Noida for Rs 1,468 Crore via NBCC E-Auction

AU Real Estate, a prominent realty firm, has made a significant acquisition by purchasing 446 flats in Noida through an e-auction for Rs 1,468 crore. The e-auction was conducted by NBCC Ltd, a state-owned enterprise tasked with completing stalled housing projects. AU Real Estate will now sell these apartments to end-users and investors in the open market.

The project, known as 'Aspire Silicon City,' is located in Sector-76, Noida, Uttar Pradesh. The total saleable area of the project is 13.85 lakh square feet. The reserve price for the units was set at Rs 10,500 per square foot, and AU Real Estate acquired them at a slightly higher rate. The company plans to launch the project soon and sell the units in a staggered manner to maximize returns.

As per the terms of the acquisition, AU Real Estate will pay the total bid amount of Rs 1,468 crore to NBCC in a phased manner, which is linked to the progress of construction. The company is committed to completing the project and handing over the units to prospective customers, even if it faces challenges in selling them.

NBCC, in its regulatory filing, stated that the e-auction was conducted to complete the stuck projects of the erstwhile Amrapali Group. The Supreme Court directed the formation of Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) to complete 38,000 flats and hand them over to homebuyers. NBCC has been actively involved in selling apartments in bulk to complete these projects and repay outstanding debts.

The 'Aspire Silicon City' project, spread over 8.5 acres, comprises around 600 units. Out of these, 446 flats have been sold through the e-auction. NBCC has sold a total of 4,470 units across five projects through e-auction, generating Rs 9,700 crore. Other notable buyers include Gaurs Group, Mansan Builders, and Happy Valley Infra.

AU Real Estate, established in 2022, is rapidly expanding its presence in the Delhi-NCR region. The company is currently developing two projects in the area and is poised to become a significant player in the real estate market. This acquisition is a strategic move that positions AU Real Estate to capitalize on the growing demand for residential units in Noida.

The acquisition not only benefits AU Real Estate but also contributes to the overall development and completion of stalled projects in the region. It reflects the company's commitment to delivering quality housing solutions to homebuyers and investors. As the real estate market in Noida continues to grow, AU Real Estate is well-positioned to meet the increasing demand for residential properties.