NBCC sells 1,233 flats in Greater Noida for Rs 3,217 cr through e-auction

State-owned NBCC on Tuesday said it has sold 1,233 housing units for Rs 3,217 crore through e-auction in a new project at Greater Noida, a development that will help the company complete stalled projects of the erstwhile Amrapali Group.

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) Ltd.

The state-owned firm was asked to complete 38,000 flats and hand it over to homebuyers.

In a statement, NBCC said 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 excluding allied charges".

The project 'Aspire Gold Homes' has in total 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 added.

This sale will be instrumental in completion of the stalled Amrapali Projects and fulfil the dreams of owning their homes by many homebuyers.

"The generated fund shall also be able to reduce the piling up of stalled projects of Noida/Greater Noida substantially once the existing units get completed," NBCC said.

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.