NBCC (India) Limited, the state-owned National Buildings Construction Corporation, will e-auction 262 ultra-luxury apartments, each measuring over 4,000 sq ft (saleable area), in Delhi’s upscale Chanakyapuri, with a starting price of ₹15 crore per unit, sources said.
National Buildings Construction Corporation, will e-auction 262 ultra-luxury apartments, each measuring over 4,000 sq ft (saleable area), in Delhi’s upscale Chanakyapuri, with a starting price of ₹15 crore per unit. (Photo for representational purposes only) (Unsplash)
The project is expected to be completed within the next two years and is expected to generate approximately ₹4,400 through the e-auction process, the sources said.
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.
“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 said.
The last date for submitting the 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, they said.
What’s on offer?
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.
The apartments will be offered in three configurations:
Saleable area: Approximately 4,200 sq ft, 4,300 sq ft and 4,700 sq ft
Carpet area: 2,518.35 sq ft, 2,552.68 sq ft and 2,597.78 sq ft
Each apartment will come with three dedicated car parking spaces, sources said.
As for amenities, the project is designed as a self-sustainable green building and will feature a 50,000 sq ft clubhouse, sky gardens, landscaped open spaces, open-air gym, yoga deck, residents’ lounge, pet park, large balconies and terraces, tower-specific drop-off porch and entrance lobby and floor-to-floor height of 3.22 metres, the project brochure showed.
Avenue Towers has been designed as a self-sustainable green residential development
Construction timeline and sales
The under-construction project has already received RERA registration, and NBCC expects to complete construction within two years, sources said.
The apartments will be sold through an e-auction, with the highest bidders securing the units, they said.
The payment schedule will be construction-linked, with buyers paying 2% at the time of booking, 8% subsequently and 10% after three months, followed by stage-wise payments linked to construction milestones, they said.
Avenue Towers is a key component of NBCC’s broader land monetisation initiative, which aims to finance the redevelopment of government residential colonies in Delhi without burdening the public exchequer.
Status of 7 GPRA redevelopment projects
The redevelopment of 7 General Pool Residential Accommodation (GPRA) Colonies in Delhi is one of the government’s largest self-financing urban redevelopment initiatives, with an estimated project cost of ₹32,000 crore.
The project involves transforming 12,970 old GPRA quarters into 21,083 modern dwelling units, while increasing the total built-up area from approximately 7.50 lakh sq. m. to about 46.50 lakh sq. m. The redevelopment also includes commercial districts, social infrastructure, and sustainable urban amenities.
Works worth approximately ₹15,000 crore have been successfully completed, including a substantial portion of residential buildings, commercial developments, and social infrastructure, the sources said.
Sale proceeds of approximately ₹22,000 crore have been achieved through the transparent e-auction of commercial built-up space at the World Trade Centre (WTC), Nauroji Nagar, the Bharat Business Park, Nauroji Nagar, and the Commercial Complex at Sarojini Nagar
