NBCC Sells 609 Housing Units in Greater Noida to AU Real Estate for ₹1,070 Crore
State-owned NBCC (India) Ltd has sold 609 housing units in Greater Noida (West) for ₹1,070 crore through an e-auction. The units are part of two projects: Aspire Leisure Valley and Aspire Centurian Park.
In a regulatory filing on Wednesday, the company informed that it has sold 609 residential units in these two projects through an e-auction at a total sale value of ₹1,069.43 crore. NBCC will receive a marketing fee of 1% of the sale value. The buyer's name was not disclosed.
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. The state-owned firm was tasked with completing 38,000 flats and handing them over to homebuyers. The investment to complete these flats was projected at around ₹8,300 crore.
Meanwhile, Delhi-based AU Real Estate has acquired the selling rights for Aspire Leisure Valley (Phase 2) and Aspire Centurian Park from NBCC. The combined transaction value stands at ₹1,069 crore, covering a total of 609 residential units. AU Real Estate 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.
AU Real Estate Director Ashish Agarwal stated that the company has launched the 'Aspire Leisure Valley' project at an introductory price of ₹7,979 per sq ft. This move is expected to boost the real estate market in Greater Noida, which has seen a significant rise in housing sales in recent years.
The successful auction and acquisition highlight the growing interest in the real estate sector, particularly in the affordable housing segment. Greater Noida has been a focal point for developers and homebuyers due to its strategic location and infrastructure development. The sale of these units is expected to provide a boost to the local economy and improve the quality of life for residents.
The NBCC's role in completing and selling these units underscores the government's commitment to addressing the housing needs of the population and ensuring the completion of stalled projects. The collaboration between NBCC and AU Real Estate is a positive step towards achieving these goals and bringing stability to the real estate market.
