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State-owned NBCC (India) Ltd has successfully generated INR 1,468 crore by selling 446 apartments in Noida through an e-auction. According to a regulatory filing made earlier this week, the company disclosed that these residential units were part of the Aspire Silicon City project located in Sector-76, Noida. The transaction is expected to aid NBCC in repaying debts incurred for completing stalled projects under the Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE), a scheme initiated under the directive of the Supreme Court. The sale also entitles NBCC to a 1 per cent marketing fee based on the total transaction value.
NBCC (India) Ltd, a state-owned company, has successfully raised about INR 1,468 crore by holding an online auction to sell 446 residential apartments in Noida. The company, in a regulatory filing made earlier this week, stated that the apartments were part of the Aspire Silicon City Phase IV project situated in Sector-76, Noida, Uttar Pradesh. The total sale value of these units was reported at approximately INR 1,467.93 crore. Advertisement
The e-auction was conducted as part of the ongoing efforts to monetise stalled projects under the Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE), a special entity formed as per the directive of the Supreme Court to complete the unfinished projects of the Amrapali Group. NBCC, which was appointed as the project management consultant for these projects, will receive a marketing fee equivalent to 1 per cent of the total sale value.
The Supreme Court's directive mandated NBCC to complete approximately 38,000 incomplete flats of the Amrapali Group, a move aimed at providing relief to thousands of homebuyers who have been waiting for possession of their units for years. The funds raised through the recent e-auction are intended to facilitate NBCC in repaying loans and advancing the construction of these pending units.
NBCC's move to conduct the e-auction comes as part of a broader strategy to liquidate assets, raise funds, and expedite the completion of delayed projects under the ASPIRE framework. By selling off the Aspire Silicon City units, the company has not only raised substantial capital but also demonstrated progress in meeting its obligations under the Supreme Court's mandate.
This initiative follows several other similar efforts by NBCC to monetise assets and streamline project execution. Over the past years, NBCC has been actively involved in various projects across India, including major redevelopment and housing schemes, with a focus on timely delivery and quality construction. The ongoing initiative under the Amrapali scheme further underscores NBCC's commitment to addressing the challenges faced by homebuyers and restoring confidence in the real estate sector.
By raising substantial funds, the company is positioned to mitigate its debt burden while advancing the delivery of units to homebuyers who have been awaiting possession for years. This development highlights NBCC's ongoing commitment to revitalising incomplete projects and restoring investor confidence in the Noida real estate market.
Source - PTI
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