NBCC sells rights for 609 Amrapali units to AU Real Estate for ₹1,069 cr

NBCC sold selling rights for 609 units in Amrapali's Aspire Leisure Valley and Centurion Park to AU Real Estate to raise funds for completing stalled housing projects

State-run NBCC has given selling rights of 609 residential units at Greater Noida’s Amrapali projects- Aspire Leisure Valley and Aspire Centurion Park for Rs 1,069 crore to NCR based developer AU Real Estate.

 

This includes 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 for a value of Rs 373.23 crore.

 

The developer said that the bulk sale took place through an e-auction, following which it launched the project at Leisure Valley at an introductory price of Rs 7,979 per square feet.

 

 

Aspire Leisure Valley is part of NBCC Leisure Valley and is located in Techzone IV, Greater Noida West, approximately ten minutes from Central Noida. “The development features residential towers offering 3BHK units of 2,176 square feet and 2,188 square feet,” the developer stated.   

 

Ashish Agarwal, Director, AU Real Estate said that at Leisure Valley, focus will be on elevating everyday living. 

 

This comes after AU Real Estate secured selling rights for around 446 units in Aspire Silicon City, another Amrapali project helmed by NBCC in a sale worth Rs 1,467.93 crore in May this year.

 

Agarwal added that the company will definitely look forward for more projects through NBCC auctions.

 

The project is monitored by the Supreme Court of India, ensuring compliance, transparency, and timely delivery. Construction is being undertaken by engineering and construction player Capacite Infraprojects.

 

The bulk sales comes after the NBCC stated inability to conduct retail sales of the units in time which was creating a roadblock in generating funds for stalled projects  quickly. The state run 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.