NBCC Sells 1, 233 Housing Units for Rs. 3, 217 crore in Greater Noida

NBCC (India), the government’s construction arm, has sold 1,233 housing units for Rs. 3217 crore through an e-auction in a new project in Greater Noida West. The fund will help the company complete stalled projects of the embattled Amrapali Group.

State-owned NBCC said in a statement on February 11 that it has "successfully sold 1,233 residential units at Aspire Golf Homes through an e-auction, garnering a total sale value of Rs. 3,216.95 crore.”

The project 'Aspire Gold Homes' has in total of 1,507 flats across 11 towers. NBCC has earlier sold 274 units.

The high-stakes auction witnessed an overwhelming response, with bids significantly exceeding the reserve price. The fund shall mitigate the fund requirement of ongoing projects including bank loan payment, it said.

“This sale will be instrumental in the completion of the stalled Amrapali Projects and fulfill the dreams of owning their homes by many home buyers. The generated fund shall also be able to reduce the piling up of stalled projects of Noida/Gr.Noida substantially once the existing units get completed,” it said.

The Supreme Court, in July 2019, engaged the NBCC as a project management consultant to undertake the completion of stuck projects of Amrapali Group in Noida and Greater Noida, after homebuyers through a petition demanded the delivery of their flats in projects that were launched in 2010.

As per the direction of the Supreme Court, Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) was formed to complete the stuck projects of Amrapali through NBCC (India). The state-owned firm was asked to complete 38,000 flats and hand them over to homebuyers.

Last year, NBCC had said the Greater Noida Industrial Development Authority gave the company permission for development on 75 acres of unused land in five existing residential projects of Amrapali.

These five projects will have more than 8,000 units in all. Aspire Gold Homes is the first project launched by the company.