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State-owned NBCC (India) Ltd has sold 417 residential units in Noida and Greater Noida for a total value of INR 1,045.4 crore through an e-auction process, strengthening its efforts to complete stalled projects of the erstwhile Amrapali Group. The sales were carried out under the Supreme Court mandated framework to revive delayed housing projects and ensure delivery to homebuyers. NBCC, which is responsible for completing around 38,000 stalled flats, will earn a marketing fee from the transaction. The proceeds are expected to support construction activities and help fund the completion of ongoing and additional residential developments.
NBCC (India) Ltd has successfully sold 417 residential units in Noida and Greater Noida through an e-auction, generating total sale proceeds of INR 1,045.40 crore. The units were sold at Aspire Leisure Valley in Greater Noida West and Aspire Silicon City Phase IV in Sector 76, Noida. Advertisement
The sales form part of the larger exercise to revive and complete stalled housing projects of the Amrapali Group. Following directions from the Supreme Court, a special purpose entity was constituted to facilitate the completion of these delayed projects, with NBCC entrusted with execution responsibilities.
NBCC has been mandated to complete nearly 38,000 stalled flats and hand them over to homebuyers. As part of the recent transaction, the company will receive a marketing fee equivalent to one per cent of the total sale value. The identities of the buyers were not disclosed.
Beyond completing the original stalled units, NBCC is also developing over 10,000 additional apartments across five ongoing projects in Greater Noida, after receiving approvals to utilise unused land parcels. The development and sale of these additional units are expected to help finance construction costs, supporting timely project completion.
Source - PTI
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