NBCC (India) Ltd cancelled the e-auction of 262 ultra-luxury apartments in Delhi’s upscale Chanakyapuri, citing ‘administrative reasons’, it said in a notice dated Aug 19.
The apartments, located at Avenue Towers on Africa Avenue in Sarojini Nagar, were to measure over 4,000 sq ft each in saleable area and had a starting price of ₹15 crore per unit.
The state-owned National Buildings Construction Corporation (NBCC) had announced the e-auction in July. The residential apartments were being offered on a freehold basis.
In a ‘Corrigendum-7: Cancellation of E-Auction’ notice published on its website and dated August 19, NBCC said: “In exercise of the right expressly reserved to NBCC (India) Limited in the said Application Document, it is hereby notified that, for administrative reasons, the said e-auction stands hereby cancelled.”
EMD, auction fee to be refunded
NBCC said the Earnest Money Deposit (EMD) submitted by each applicant, along with the Auction Processing Fee paid through the portal of RailTel Corporation of India Ltd, will be refunded in full within three working days from the date of the notice.
“The refund of the Auction Processing Fee is being made ex gratia, in good and without admission of any liability whatsoever, even though the said fees are stated to be non-refundable in the Application Document. Further, the decision of NBCC to refund the auction processing fee shall not constitute a precedent in respect of any other tender, auction or process of NBCC (India) Limited,” the notice said.
The refund will be made to the bank account provided by the applicant.
NBCC has asked prospective bidders to check its website for further updates regarding a fresh auction.
“Interested bidders are requested to check NBCC website regarding further updates/auction in respect of this project,” the notice said.
NBCC's Chanakyapuri project
Company sources had earlier told HT Real Estate the project is expected to be completed within the next two years and will generate approximately ₹4,400 through the e-auction process.
The proceeds will fund the redevelopment of General Pool Residential Accommodation (GPRA) colonies in Sarojini Nagar, Netaji Nagar, and other CPWD residential colonies, such as Sriniwaspuri and Kasturba Nagar, in Delhi, they had said.
“NBCC (India) Limited will be e-auctioning 262 ultra-luxury apartments under its flagship Avenue Towers project at Sarojini Nagar Near Chanakyapuri, New Delhi, with prices expected to start from over ₹15 crore per apartment,” they had said.
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The Avenue Towers project will comprise 262 four-bedroom apartments spread across nine towers, each rising G+10 storeys. Each floor will accommodate two to three apartments, connected through skywalks, with a common clubhouse and landscaped open spaces, sources had said.