NBCC sells 1,185 housing units for ₹1,504.69 crore in Aspire Dream Valley project in Greater Noida

NBCC stated that the proceeds from the sale of housing units will be used to complete the stalled Amrapali projects in Greater Noida.

NBCC, the government’s construction arm, has announced that it has sold 1,185 residential units for ₹1,504.69 crore through an e-auction in Greater Noida.

NBCC, the government’s construction arm, has announced that it has sold 1,185 residential units for ₹1,504.69 crore through an e-auction in Greater Noida. (Picture for representational purposes only) (Pixabay)

“NBCC (India) Ltd. has successfully e-auctioned 1185 residential units at Aspire Dream Valley, Greater Noida (W) through an e-auction, garnering a total sale value of Rs. 1504.69 cr. The high-stakes auction witnessed an overwhelming response, with bids significantly exceeding the reserve price. The fund shall mitigate the fund requirement of ongoing projects including bank loan payment,” the company said in a statement.

The sale will help complete the stalled Amrapali Projects and fulfil the dreams of home buyers, it said.

In a regulatory filing, the company said that as part of the transaction it will get a marketing fee at the rate of 1% on the sale value. It stated that the sale was conducted in the “ordinary course of business of the company.”

The Dream Valley project is a Supreme Court-monitored project. This sale will be instrumental in completion of the stalled Amrapali projects. The generated fund shall also be able to reduce the piling up of stalled projects of Noida/Gr.Noida substantially once the existing units get completed, the company said in a statement.