NBCC Sells 1,233 Housing Units for ₹3,217 Crore in Greater Noida to Fund Amrapali Projects

NBCC (India) Ltd, the state-owned construction company, has successfully sold 1,233 housing units at the Aspire Golf Homes project in Greater Noida West through an e-auction. The total revenue generated from the sale amounts to ₹3,217 crore. The funds will be utilized for completing the stalled projects of the Amrapali Group, ensuring that long-delayed residential units are delivered to homebuyers.

Details of the E-Auction and Project Scope

NBCC announced that the e-auction for Aspire Golf Homes received strong participation, with bids exceeding the reserve price. The project consists of a total of 1,507 flats across 11 towers. Prior to this auction, NBCC had already sold 274 units in the same project.

The substantial revenue from the e-auction will help meet financial obligations related to the completion of ongoing projects, including repayment of bank loans. NBCC stated that this sale is expected to significantly contribute to reducing the backlog of incomplete housing units in Noida and Greater Noida.

Significance for Amrapali Homebuyers

The Supreme Court had intervened in July 2019 by appointing NBCC as the project management consultant to oversee the completion of stalled Amrapali projects. The court's directive came after homebuyers filed petitions demanding possession of their flats, which had been under construction since 2010.

To facilitate the completion process, the court also established the Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE). NBCC was assigned the task of completing 38,000 flats and ensuring timely handover to homebuyers.

Development on Unused Land

In 2023, the Greater Noida Industrial Development Authority permitted NBCC to develop 75 acres of unused land in five existing Amrapali residential projects. These developments will collectively add more than 8,000 housing units. Aspire Golf Homes is the first project launched under this initiative, with further projects expected to follow.

Funding and Project Execution

The revenue from the sale of Aspire Golf Homes units will be directed towards the completion of multiple stalled projects. Apart from addressing financial gaps, the funds will aid in covering construction costs, labor expenses, and procurement of building materials.

NBCC’s initiative aligns with efforts to restore confidence in the real estate sector, particularly for buyers who have faced prolonged delays. By monetizing available assets through e-auctions, the company aims to accelerate the delivery of long-pending housing projects.

With Aspire Golf Homes setting a precedent, NBCC is expected to explore similar e-auctions for additional projects. The success of this initiative highlights the demand for ready-to-move and under-construction properties in Greater Noida. The progress on Amrapali projects is likely to improve market sentiment and provide relief to thousands of homebuyers who have been awaiting possession of their flats.

NBCC’s role in executing Supreme Court-mandated construction projects remains crucial in addressing the legacy issues associated with stalled real estate developments. The completion of these projects will not only benefit homebuyers but also contribute to the overall real estate market stability in the region.