AU Real Estate buys 446 flats in Noida for Rs 1468cr in NBCC's e-auction
Last week, NBCC said in a regulatory filing that the company has sold 446 residential units in housing project 'Aspire Silicon City' at Sector-76, Noida, Uttar Pradesh, through an e-auction at a total sale value of Rs 1,467.93 crore.
As per the direction of the Supreme Court, Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) was formed to complete the stuck projects of the erstwhile Amrapali Group through NBCC (India). The state-owned firm was asked to complete 38,000 flats and hand them over to homebuyers.
New Delhi, May 19 (PTI) Realty firm AU Real Estate has acquired 446 flats in bulk through e-auction for Rs 1,468 crore in a housing project at Noida being developed by state-owned NBCC Ltd and the company will sell these apartments in open market.
NBCC had not named the winner of the e-auction.
When contacted, AU Real Estate Director Ashish Agarwal confirmed the 'acquisition of selling rights for 446 units at Aspire Silicon Project from NBCC.' The total saleable area in this project is 13.85 lakh sq ft.
The reserve price was Rs 10,500 per sq ft. AU Real Estate has bought at a slightly higher rate.
He said the company will sell these apartments to end-users and investors at a higher price than the acquisition cost.
Agarwal said the company will launch this project soon and will sell these units in a staggered manner.
'We have to pay the total bid amount of Rs 1,468 crore to NBCC in a staggered manner which is linked to progress in construction cost,' he said, adding that amount has to be paid to NBCC even if the company is unable to sell these units.
The apartments will be allotted to prospective customers.
NBCC is selling apartments in bulk to complete projects and repayment of debt.
This project, spread over 8.5 acres, comprises about 600 units out of which NBCC has sold 446 flats through auction.
NBCC has sold 4,470 units across five projects through e-auction for Rs 9,700 crore. Earlier, Gaurs Group, Mansan Builders and Happy Valley Infra bought flats through the electronic bidding process.
AU Real Estate, which was established in 2022, is developing two projects in Delhi-NCR. PTI MJH MJH MR
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
United News of India
16 minutes ago
- United News of India
NEC allocates Rs 14.22 Cr for development projects in Tripura
Agartala, June 15 (UNI) The North Eastern Council (NEC) under the Ministry of Development of Northeast Region (DoNER) has allocated over Rs 14.22 Cr for various development projects in Tripura, officials said here on Sunday. The projects encompass tourism, agriculture, industry, human resource development, transport and communication, science and technology, irrigation, water management, and the preservation of culture and heritage. NEC has identified sector-specific components to facilitate better management and implementation of the project. 'A sum of Rs. 10,71,451 has been allocated for setting up pig breeding farms in Hawaibari of Khowai district. Rs 1,10,49,864 has been earmarked for a key Identified Service Delivery Project in Ganganagar Block of Dhalai district, and Rs. 1,54,43,543 for Raishyabari RD Block,' the press statement added. To enhance fish production, Rs. 1,00,37,400 has been allocated for pond excavation and renovation of minor water bodies. For farmers in Tripura, Rs. 2 Cr has been sanctioned for setting up six Integrated Seed Processing Plants. Rs. 3 Cr has been earmarked for the infrastructure development of two modern agricultural =markets. An amount of Rs 80,00,000 will be utilised to construct an Integrated Pack House in Dhalai district. Additionally, Rs 1.51 Cr have been allocated for establishing brooder houses and poultry hatcheries, and Rs 3 Cr for constructing a new building at Vivekananda Tripureswari Vidya Mandir school. Funding for other initiatives, including workshops on GI products, an international chemistry conference, a health economics winter school, and the installation of solar-powered irrigation pumps in government-run orchid gardens, it added. UNI BB SSP
The Wire
29 minutes ago
- The Wire
Number of Companies Awaiting Licences From China For Importing Rare-Earth Magnets Double in Two Weeks
Menu हिंदी తెలుగు اردو Home Politics Economy World Security Law Science Society Culture Editor's Pick Opinion Support independent journalism. Donate Now Top Stories Number of Companies Awaiting Licences From China For Importing Rare-Earth Magnets Double in Two Weeks The Wire Staff 1 minute ago In FY 25, India imported around $200 million worth of rare-earth magnets. A majority of these imports were used in automotive and industrial applications. Electric vehicle. Representative image. Photo: Michael Marais/Unsplash Real journalism holds power accountable Since 2015, The Wire has done just that. But we can continue only with your support. Contribute now New Delhi: In a matter of two weeks, the number of companies which are awaiting licences from China's Commerce Ministry to procure rare-earth magnets has nearly doubled. While the number of such companies was 11 earlier, it has now increased to 21, with new companies joining the list including Bosch India, Marelli Powertrain India, Mahle Electric Drives India, TVS Motor and Uno Minda, reported The Economic Times. 'These companies have duly filled in and got endorsed the end-user certificate and shipped the requisite documents to their suppliers for procuring rare earth magnets from China, but licences are yet to be awarded by the government there,' a senior industry executive told ET. On April 4, China had issued orders mandating exporters that ship medium and heavy rare earth magnets to seek a licence from its commerce department after getting an end-user certificate from the buyer. The certificate requires buyers to make certain guarantees including the guarantee that these items will not be used for storing, manufacturing, producing or processing weapons of mass destruction and their delivery systems. According to data from the Society of Indian Automobile Manufacturers, 52 companies based in India source magnets from China to supply to automobile manufacturers across India. At present, stakeholders in the electric vehicle (EV) industry are concerned about the fact that inventories of rare-earth magnets used in EV traction motors and power steering systems could run dry by mid-July this year. Rating agency Icra has said that in wake of the depleting inventory, there is a need for urgent contingency planning. In FY 25, India imported around $200 million worth of rare-earth magnets. A majority of these imports were used in automotive and industrial applications. In electric two-wheelers, motors cost between Rs. 8,000 and Rs. 15,000, with rare earth magnets accounting for around 30 per cent of the motor cost. The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments. Make a contribution to Independent Journalism Related News Depleting Inventory of Imported Rare-Earth Magnets a Concern For EV Industry China Agrees to Supply US With Rare Earths: Trump Weakened Russia, Rising China and an Unsteady US: A Strategic Triangle That India Must Navigate Two Systems, Two Spheres: The Slow, Painful Divorce of the US and China US-China Trade Talks to Move Forward After Trump-Xi Call Chinese Vice FM to Visit Delhi for First High-Level Talks Since India-Pakistan Clashes Tesla 'Not Interested' in Manufacturing in India: Heavy Industries Minister What Do These Six Indicators Tell Us of India's Diplomacy after Operation Sindoor? Operation Sindoor: How India's Gamble Backfired and Made It More Vulnerable About Us Contact Us Support Us © Copyright. All Rights Reserved.
Time of India
34 minutes ago
- Time of India
Rajasthan's pink toilet initiative: Only 1 built, none working in Jaipur; budget of Rs 175 crore wasted on non-functional facilities?
JAIPUR: Despite the Rajasthan govt allocating Rs 175 crore in its 2025 budget for constructing 500 pink toilets statewide to improve women's sanitation, Jaipur has made negligible progress. Of the eight pink toilets sanctioned for the city—four each under Jaipur Municipal Corporation-Greater (JMCG) and Jaipur Municipal Corporation-Heritage (JMC-H) —only one has been built, and it remains non-functional, pending inauguration. The delay highlights a serious lack of urgency and coordination among civic bodies. JMC-H completed the city's first pink toilet, but operationalisation is stalled. Another unit in Jawahar Nagar's Gol Market is only 20% complete, with officials projecting a one-month timeline for completion. JMC-G's progress has been worse. After six months of scouting, no land has been finalised. Proposed sites in Jhotwara Pulia and Vidyadhar Nagar were rejected at the zonal level. Current proposals for toilets near Satkar Shopping Centre (Malviya Nagar) and Nursery Circle (Vaishali Nagar) are stuck awaiting senior-level approval. Ironically, densely populated areas like the Walled City markets till lack basic sanitation. Pink toilets are designed to offer key amenities—sanitary pads, baby feeding zones, diaper changing stations, and sanitary waste incinerators. Follow more information on Air India plane crash in Ahmedabad here . Get real-time live updates on rescue operations and check full list of passengers onboard AI 171 .
