World · India Bureau
NBCC sells 111 flats in Noida for over ₹416 crore
State-owned NBCC has successfully disposed of 111 residential units through an electronic auction in Noida for a combined value exceeding ₹416 crore. The units form part of stalled Amrapali projects that NBCC has been tasked with completing.
LSN India ·
NBCC Limited has completed the sale of 111 residential units in Noida through an e-auction mechanism, fetching a total of ₹416.53 crore for the inventory. The transaction marks progress in the company's mandate to rehabilitate and complete multiple residential complexes that were left incomplete by Amrapali Group.
The properties being disposed represent units from Amrapali's previously stalled projects in the Noida region. NBCC was assigned responsibility for executing the completion and delivery of these projects following regulatory intervention in the matter.
The electronic auction process represents a transparent method of asset liquidation and buyer allocation. By converting the inventory into cash, NBCC advances its broader objective of resolving the Amrapali matter and ensuring project completion and homebuyer delivery.
The sale underscores ongoing efforts to address the significant backlog of incomplete housing projects in the National Capital Region and restore confidence among affected homebuyers. The funds generated from such sales typically support project completion timelines and related administrative costs.