AU Real Estate buys 446 flats in Noida for Rs 1468cr in NBCC''s e-auction

New Delhi: Realty firm AU Real Estate has acquired 446 flats in bulk through e-auction for Rs 1,468 crore in a housing project at Noida being developed by state-owned NBCC Ltd and the company will sell these apartments in open market.

As per the direction of the Supreme Court, Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) was formed to complete the stuck projects of the erstwhile Amrapali Group through NBCC (India). The state-owned firm was asked to complete 38,000 flats and hand them over to homebuyers.

Last week, NBCC said in a regulatory filing that the company has sold 446 residential units in housing project 'Aspire Silicon City' at Sector-76, Noida, Uttar Pradesh, through an e-auction at a total sale value of Rs 1,467.93 crore.

NBCC had not named the winner of the e-auction.

When contacted, AU Real Estate Director Ashish Agarwal confirmed the "acquisition of selling rights for 446 units at Aspire Silicon Project from NBCC." The total saleable area in this project is 13.85 lakh sq ft.

The reserve price was Rs 10,500 per sq ft. AU Real Estate has bought at a slightly higher rate.

He said the company will sell these apartments to end-users and investors at a higher price than the acquisition cost.

Agarwal said the company will launch this project soon and will sell these units in a staggered manner.

"We have to pay the total bid amount of Rs 1,468 crore to NBCC in a staggered manner which is linked to progress in construction cost," he said, adding that amount has to be paid to NBCC even if the company is unable to sell these units.

The apartments will be allotted to prospective customers.

NBCC is selling apartments in bulk to complete projects and repayment of debt.

This project, spread over 8.5 acres, comprises about 600 units out of which NBCC has sold 446 flats through auction.

NBCC has sold 4,470 units across five projects through e-auction for Rs 9,700 crore. Earlier, Gaurs Group, Mansan Builders and Happy Valley Infra bought flats through the electronic bidding process.

AU Real Estate, which was established in 2022, is developing two projects in Delhi-NCR.