NBCC completes E-Auction for 609 Amrapali units to AU Real Estate

New Delhi: State-owned NBCC has successfully concluded the e-auction of 609 residential units at Greater Noida’s Amrapali projects -Aspire Leisure Valley and Aspire Centurion Park for Rs 1069.43 crore to NCR-based developer AU Real Estate. The sale includes the rights of 462 units in towers 1 and 2 in Aspire Leisure Valley for a transaction value of Rs 696.20 crore and 147 units in some towers of Aspire Centurion Park, costing Rs 373.23 crore.
 

Following this, a project was also launched at Leisure Valley at an introductory price of Rs 7,979 per square feet. Aspire Leisure Valley is a part of NBCC Leisure Valley, located in Techzone IV, Greater Noida West.

The project is purportedly monitored by the Supreme Court of India to ensure compliance, transparency, and timely delivery. The construction is being undertaken by engineering and construction player Capacite Infraproject. This bulk sales has came after the NBCC stated its inability to conduct retail sales of the units in time that created obstacles in generating funds for stalled projects quickly.

 

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The government backed civil structure firm was tasked with completing over 38,000 homes left stalled under Amrapali’s portfolio of approximately 46,000 units.  The funds from the bulk sales of marketing rights are expected to help NBCC to repay bank loans and complete stalled projects.