NBCC successfully conducts e-auction of Amrapali projects in Noida, Greater Noida

NBCC (India) Limited has successfully completed the e-auction of a total of 417 residential units at Amrapali Aspire Leisure Valley (2 Towers – 306 Flats), Greater Noida (West), Uttar Pradesh and Aspire Silicon City (1 Tower – 111 Flats), Phase-IV, Sector-76, Noida, Uttar Pradesh. The e-auction achieved a total sales value of approximately ₹1,045.40 crore, reflecting strong market response and bids received above the reserve price. This high-value auction received an overwhelming response, with bids far exceeding the reserve price. The proceeds will be used to repay bank loans and mitigate the financing needs of ongoing projects.

This project, monitored by the Supreme Court, boasts state-of-the-art amenities and a strategic location, making it a popular investment opportunity. This sale will mark a significant milestone in completing stalled Amrapali projects and fulfill the dream of many homebuyers.

Till date, a total of 5,671 units have been sold through e-auction in the new FAR projects of Amrapali (Aspire Golf Homes, Aspire Centurion Park, Aspire Dream Valley, Aspire Leisure Park, Aspire Silicon City and Aspire Leisure Valley), with a total saleable area of ​​153.72 lakh sq ft and a total highest bid price of Rs 11,719.27 crore.

With this successful execution, NBCC has further strengthened its position as a leading real estate developer in India. It also holds the distinction of being the only Public Sector Undertaking (PSU) in this sector in India and has set a new standard for transparent and competitive property sales through a digital platform. The success of this e-auction is expected to further strengthen investor confidence in the sector and establish NBCC as a leading institution in the execution of distressed asset projects. It will also provide relief to thousands of affected homebuyers in Noida/Greater Noida (West), Uttar Pradesh.

The Supreme Court by its judgment dated 23 July 2019 issued several directions towards ensuring steps and measures for execution and completion of all pending project of Amrapali. Cases of Home Buyers awaiting execution of tripartite agreements and those awaiting completion of their projects have been dealt with by the Court. The directions issued by the Court relate to the steps to be taken by Central Government, State Government, Noida and Greater Noida Authorities, NBCC and various Banks.

In terms of the above direction, the Receiver has been coordinating with various authorities towards processing, studying, and completion of the task given unto the Receiver.

Also See: NBCC sells Aspire Silicon City to AU Real Estate for Rs 1,468 crore