India's National Buildings Construction Corporation to Auction 262 Ultra-Luxury Apartments via E-Auction

en.Wedoany.com Reported - The National Buildings Construction Corporation (NBCC) India Limited will auction 262 ultra-luxury apartments via e-auction in Delhi's upscale Chanakyapuri area, each with a saleable area exceeding 4,000 square feet and a starting price of 150 million rupees per unit.

The project is expected to be completed within two years, and the e-auction is projected to generate approximately 44 billion rupees in revenue. The proceeds will be used for the redevelopment of General Pool Residential Accommodation (GPRA) in residential colonies such as Sarojini Nagar, Netaji Nagar in Delhi, and Sriniwaspuri and Kasturba Nagar under the Central Public Works Department (CPWD).

Named Avenue Towers, the project is located in Sarojini Nagar near Chanakyapuri, New Delhi, and is NBCC's flagship project. The last date for submission of Earnest Money Deposit (EMD) is July 30, the pre-bid meeting is scheduled for July 24, and the e-auction will be held on July 31.

The Avenue Towers project comprises 262 four-bedroom apartments distributed across nine G+10 towers. Each floor accommodates 2 to 3 apartments connected by skywalks, with a common clubhouse and landscaped open spaces. The apartments are available in three configurations: saleable areas of approximately 4,200 sq ft, 4,300 sq ft, and 4,700 sq ft; carpet areas of 2,518.35 sq ft, 2,552.68 sq ft, and 2,597.78 sq ft, respectively. Each apartment comes with three dedicated parking spaces.

According to the project brochure, it is designed as a self-sustaining green building with amenities including a 50,000 sq ft clubhouse, sky gardens, landscaped open spaces, an open-air gym, a yoga deck, a residents' lounge, a pet park, large balconies and terraces, dedicated drop-off porches and entrance lobbies for each tower, and a ceiling height of 3.22 meters. The project is RERA-registered, and NBCC expects to complete construction within two years. Apartments are sold via e-auction with a construction-linked payment plan, where buyers pay 2% at booking, followed by 8%, then 10% after three months, with subsequent installments tied to construction milestones.

Avenue Towers is a key component of NBCC's land monetization plan, aimed at funding the redevelopment of government residential colonies in Delhi without burdening public finances. The redevelopment of seven General Pool Residential Accommodation (GPRA) colonies in Delhi is one of the government's largest self-financed urban renewal projects, with an estimated project cost of 320 billion rupees. The project will transform 12,970 old GPRA units into 21,083 modern residential units, increasing the total built-up area from approximately 750,000 square meters to about 4.65 million square meters. Sources said that work worth approximately 150 billion rupees has been completed, including most residential buildings, commercial development, and social infrastructure. Through e-auctions of commercial space at the World Trade Centre (WTC) Nauroji Nagar, Bharat Commercial Park Nauroji Nagar, and the Sarojini Nagar commercial complex, sales revenue of approximately 220 billion rupees has been realized.