AU Real Estate has successfully purchased 446 apartments in a bulk e-auction for Rs 1,468 crore from a housing project in Noida, which is being developed by the state-owned NBCC Ltd.
The firm intends to market these apartments to the general public. According to a directive from the Supreme Court, the Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) was established to facilitate the completion of unfinished projects by the former Amrapali Group through NBCC (India). The state-owned entity was tasked with finishing 38,000 flats and delivering them to homebuyers.
Recently, NBCC announced in a regulatory filing that it has sold 446 residential units in the ‘Aspire Silicon City’ housing project located in Sector-76, Noida, Uttar Pradesh, via an e-auction, achieving a total sale value of Rs 1,467.93 crore. The identity of the e-auction winner was not disclosed by NBCC. Upon inquiry, AU Real Estate Director Ashish Agarwal confirmed the acquisition of selling rights for the 446 units at the Aspire Silicon Project from NBCC, noting that the total saleable area for this project is 13.85 lakh square feet. The reserve price was set at Rs 10,500 per square foot, and AU Real Estate acquired the units at a marginally higher rate.
Agarwal stated that the company plans to sell these apartments to end-users and investors at a price exceeding the acquisition cost. He also mentioned that the project will be launched soon, with the units being sold in a staggered approach. The total bid amount of Rs 1,468 crore will be paid to NBCC in installments linked to construction progress, and this payment obligation remains even if the company fails to sell the units. The apartments will be allocated to potential buyers.
NBCC is engaged in bulk sales of apartments to expedite project completion and settle debts. This project spans 8.5 acres and includes approximately 600 units, of which 446 flats have been sold through the auction. In total, NBCC has sold 4,470 units across five projects via e-auction for Rs 9,700 crore, with previous buyers including Gaurs Group, Mansan Builders, and Happy Valley Infra through the electronic bidding process.