In Greater Noida West, NBCC sells 1,233 housing units for ₹3,217 crore; the proceeds would go towards finishing Amrapali projects

By Bricksnwall | 2025-02-12

Real estate in Delhi-NCR: NBCC sold 1,233 dwelling units at the Aspire Golf Homes project in Greater Noida for ₹3,217 crore through an online auction.

In a new project in Greater Noida West, NBCC (India) Ltd, the government's construction arm, held an e-auction and sold 1,233 housing units for ₹3217 crore. The investment will assist the company in finishing the Amrapali Group's troubled projects that have stagnated.

"Successfully sold 1,233 residential units at Aspire Golf Homes through an e-auction, garnering a total sale value of ₹3,216.95 crore," the state-owned NBCC said in a statement on February 11.

The 'Aspire Gold Homes' project has 11 towers with 1,507 apartments. 274 units have already been sold by NBCC.

The response to the high-stakes auction was tremendous, with offers well above the reserve price. According to the statement, the fund will lessen the amount needed for ongoing projects, such as repaying bank loans.

The completion of the stalled Amrapali Projects and the realization of many homebuyers' aspirations to own their own houses would be greatly aided by this transaction. Once the current units are finished, the generated funds will also be able to significantly reduce the backlog of stalled projects in Noida and Gr. Noida," the statement stated.

Following a petition by homeowners demanding the delivery of their apartments in projects started in 2010, the Supreme Court hired the NBCC as a project management consultant in July 2019 to complete the Amrapali Group's stalled projects in Noida and Greater Noida.

Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) was established in accordance with the Supreme Court's directive to finish Amrapali's stalled projects through NBCC (India) Ltd. The state-owned company was requested to finish 38,000 apartments and deliver them to purchasers.

According to NBCC, the Greater Noida Industrial Development Authority granted the corporation permission to develop 75 acres of underutilized land in five Amrapali residential complexes that were already underway last year.

The total number of units in these five developments will exceed 8,000. The company's initial project is called Aspire Gold Homes.

Source: Hindustan Times