NBCC Sells 609 Housing Units in Greater Noida for ₹1,070 Crore via E-Auction
State-owned NBCC (India) Ltd has successfully sold 609 housing units in Greater Noida (West) for ₹1,070 crore through an e-auction. The company made this announcement in a regulatory filing on Wednesday, detailing the sale of 609 residential units across two projects: 'Aspire Leisure Valley' and 'Aspire Centurian Park'.
The total sale value of the units is ₹1,069.43 crore, and NBCC will receive a marketing fee of 1% of the sale value. The identity of the buyer was not disclosed by NBCC. This sale is part of a broader initiative to resolve the stalled projects of Amrapali, a prominent real estate developer in the region.
As per the direction of the Supreme Court, Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) was formed to complete the stuck projects of Amrapali through NBCC. NBCC was tasked with completing 38,000 flats and handing them over to homebuyers. The investment required to complete these flats was estimated at around ₹8,300 crore.
Delhi-based AU Real Estate has acquired the selling rights for Aspire Leisure Valley (Phase 2) and Aspire Centurian Park from NBCC. According to AU Real Estate, the combined transaction value stands at ₹1,069 crore, covering a total of 609 residential units. The company has bought 462 units in the 'Aspire Leisure Valley' project for ₹696.20 crore and 147 units in the 'Aspire Centurian Park' project for ₹373.23 crore.
Ashish Agarwal, Director of AU Real Estate, stated that the company has launched the 'Aspire Leisure Valley' project at an introductory price of ₹7,979 per square foot. This move is expected to boost the real estate market in Greater Noida and provide homebuyers with new housing options.
The successful sale of these units through an e-auction is a significant step towards resolving the long-standing issues of stalled projects and ensuring that homebuyers receive their properties. It also highlights the effectiveness of the government's efforts to address the challenges in the real estate sector and provide a transparent and efficient process for property transactions.
