New Delhi, Nov. 18 -- State-run NBCC (India) Ltd has garnered Rs 1,069 crore (about $120 million) by transferring rights to sell a number of apartments in the Amrapali Group's residential projects that it is completing under a court-mandated process.
NBCC transferred the selling rights to AU Real Estate for residential units in Aspire Leisure Valley Phase 2 and Aspire Centurion Park in Uttar Pradesh's Greater Noida (West), according to a press release. This comes soon after NBCC divested the selling rights for Aspire Silicon City in Noida to AU Real Estate for Rs 1,467.93 crore.
AU Real Estate acquired the selling rights through an e-auction conducted by NBCC. Following the latest acquisition, the company has started selling apartments in Aspire Leisure Valley in Greater Noida (West).
NBCC had taken over several projects of the Amrapali Group after the developer failed to deliver those projects and the buyers approached the Supreme Court. While the state-run company is now completing the projects, it is auctioning the unsold inventory in bulk instead of marketing each apartment itself.
Delhi-based AU Real Estate builds residential and mixed-use projects. Its portfolio of projects includes The Sunflower, Family Hub, and Arihant Enclave in the national capital region.
Published by HT Digital Content Services with permission from VC Circle.