NBCC sells 111 Amrapali-linked flats in Noida for ₹416.53 crore

State-owned NBCC (India) Ltd has sold 111 residential units in Noida for about ₹416.53 crore through an e-auction, the company said on Tuesday.

The units are located at Aspire Silicon City in Noida, Uttar Pradesh.

In a regulatory filing, NBCC said it had sold 111 residential units at Aspire Silicon City in Noida through an e-auction, at a total sale value of approx. Rs 416.53 crore.

NBCC, which is into project management consultancy and real estate businesses, will receive a marketing fee equal to 1% of the sale value.

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Completing Stalled Amrapali Projects

The sale is part of NBCC's role in completing stalled Amrapali projects.

Following a Supreme Court direction, the Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) was formed to complete the projects through NBCC.

The state-owned company was tasked with completing 38,000 flats and handing them over to homebuyers.

Beyond completing those 38,000 units, NBCC is developing more than 10,000 apartments across five ongoing Amrapali projects in Greater Noida.

In November last year, NBCC sold 609 residential units in Greater Noida (West) for ₹1,069.43 crore through an e-auction. The state-run firm said that the units were part of two projects - Aspire Leisure Valley and Aspire Centurian Park.

Shortly after the NBCC announcement, Delhi-based AU Real Estate issued a statement confirming that it had acquired the selling rights for Aspire Leisure Valley (Phase 2) and Aspire Centurian Park.

(With inputs from PTI)