NBCC sells 417 Amrapali flats in Noida, Greater Noida via auction for Rs 1,045 crore

NBCC was asked to complete 38,000 flats and hand it over to homebuyers.

State-owned NBCC (India) Ltd, which is completing stalled housing projects of erstwhile Amrapali Group, has sold 417 homes in Noida and Greater Noida for Rs 1,045.4 crore through e-auction.

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.

NBCC was asked to complete 38,000 flats and hand it over to homebuyers.

In a regulatory filing on Tuesday, the company informed that it has sold 417 residential units at Aspire leisure valley in Greater Noida (W), and Aspire Silicon City, Ph-IV at Sec-76, Noida, UP through e-auction at a total sale value of Rs 1,045.40 crore.

NBCC will get marketing fee of 1 per cent of sale value, it added.

The company did not disclose the name of buyers.

Apart from the task of completing 38,000 units, NBCC is developing more than 10,000 apartments in five ongoing projects of Amrapali in Greater Noida after the local authority allowed development on unused land parcels.

NBCC, which is into project management consultant (PMC) and real estate businesses, would be able to finance the construction cost through development and sale of these extra units.