Realty company AU Real Estate has bought 446 flats for Rs 1468 crore through e-auction in a Housing Project of NBCC in Noida. The company will sell these apartments in the open market. As part of the Supreme Court order, the Amrapali Stawd Projects Investment Reconstruction Establishment (Aspire) was formed to complete the stuck projects of the erstwhile Amrapali Group through NBCC (India). Public sector company NBCC was asked to complete 38,000 flats and hand over to home buyers.
Ashish Aggarwal, director of AU Real Estate, confirmed
Last week, the NBCC said in a information to the stock market that the company had sold 446 housing units in the housing project ‘Aspire Silicon City’ in Sector-76, Uttar Pradesh, for Rs 1467.93 crore through e-auction. The NBCC did not mention the successful bidder in the e-auction. However, on contact, Ashish Aggarwal, director of AU Real Estate, confirmed the purchase of 446 units in the Aspire Silicon Project from NBCC. He said that the company will soon introduce this project and sell these units in a phased manner.
NBCC is selling apartments in wholesale to complete projects
Aggarwal said, “We have to pay a total bidding amount of Rs 1468 crore to NBCC in a phased manner, which is related to progress in construction cost.” He said that even if the company is unable to sell these units, NBCC will have to pay this amount. These apartments will be allocated to potential customers. NBCC is selling apartments in bulk to complete the projects and repay the debt. Spread over a total of 8.5 acres, the project has around 600 apartments, out of which NBCC has sold 446 flats through auction. NBCC has sold 4470 apartments in 5 projects for Rs 9700 crore through e-auction.
With PTI inputs
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