NBCC Sells 446 Homes in Noida for Rs 1,468 Cr via E-Auction

NBCC (India) Ltd has successfully sold 446 apartments in Noida for Rs 1,468 crore through an e-auction, aiding in project completion and debt repayment.

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NBCC Sells 446 Homes in Noida for Rs 1,468 Cr via E-Auction

Real Estate:NBCC (India) Ltd has successfully sold 446 apartments in Noida for Rs 1,468 crore through an e-auction. This significant sale not only marks a substantial financial achievement but also supports the company's efforts to complete projects and repay the debt taken to finish these projects.nnIn a regulatory filing, NBCC informed that the company has sold 446 residential units at Aspire Silicon City, PH-IV at Sector-76, Noida, Uttar Pradesh, through an e-auction. The total sale value of these units is approximately Rs 1,467.93 crore. Additionally, NBCC will receive a marketing fee of 1 per cent of the sale value.nnThe formation of Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) was directed by the Supreme Court to complete the stuck projects of the Amrapali Group. NBCC (India) was tasked with completing 38,000 flats and handing them over to homebuyers. This e-auction of apartments is a crucial step in achieving this goal.nnThe state-owned firm, NBCC, has been instrumental in reviving the real estate sector in Noida, particularly in completing projects that were previously stalled. The successful e-auction of these residential units will not only help NBCC in the completion of these projects but also in repaying the debt that was taken to finish them.nnThe e-auction process has proven to be an effective and transparent method for selling properties, ensuring fair competition and the best possible prices for the units. This approach has been lauded for its efficiency and transparency, which are essential in building trust with homebuyers and investors.nnThe sale of these 446 apartments is a significant milestone for NBCC and the real estate market in Noida. It demonstrates the company's commitment to fulfilling its obligations and its ability to manage and complete large-scale projects. The successful sale also highlights the continued demand for residential properties in the region, despite the challenges faced by the real estate sector in recent years.nnMoving forward, NBCC is expected to continue its efforts to complete the remaining projects and ensure that homebuyers receive their units as promised. The company's proactive approach and the use of innovative methods like e-auctions are likely to play a crucial role in achieving these goals.

Frequently Asked Questions

What is the total value of the apartments sold by NBCC in Noida?

NBCC sold 446 apartments in Noida for a total value of Rs 1,468 crore through an e-auction.

What is the marketing fee NBCC will receive from the sale?

NBCC will receive a marketing fee of 1 per cent of the sale value, which is approximately Rs 14.68 crore.

What is the purpose of the Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE)?

ASPIRE was formed as per the direction of the Supreme Court to complete the stuck projects of the Amrapali Group through NBCC (India).

How many flats is NBCC tasked with completing?

NBCC is tasked with completing 38,000 flats and handing them over to homebuyers.

What are the benefits of the e-auction process for property sales?

The e-auction process is beneficial because it ensures fair competition and the best possible prices for the units, while also providing transparency and efficiency in the sales process.

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