NBCC raises ₹1,468 crore via e-auction of 446 flats in Noida project

NBCC (India) Ltd announced it has sold 446 apartments at Aspire Silicon City, Noida, for ₹1,468 crore through e-auction, supporting completion of Amrapali projects and repayment of related debt

State-run NBCC (India) Ltd has successfully sold 446 flats in Noida through an e-auction, fetching a total of ₹1,468 crore, the company announced on Friday.

 

In a stock exchange filing on Friday, NBCC said that the residential units, located at Aspire Silicon City, Phase-IV in Sector 76, Noida, were sold for around ₹1,467.93 crore via an online auction.

 

The company will earn a 1% marketing fee on the overall sale amount.

 

Following directions from the Supreme Court, the Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) was created to take forward incomplete housing projects of the Amrapali Group, with NBCC appointed to handle their completion.

 

 

The government-owned builder has been tasked with finishing 38,000 flats and handing them over to homebuyers.

 

The latest auction is expected to support NBCC in pushing ahead with construction and also help repay loans that were taken to fund the completion of these delayed housing projects.