NEW DELHI: NBCC (India) Limited has realised approximately ₹5,191 crore through the e-auction of premium residential units at Avenue Towers, Africa Avenue, New Delhi. The transaction marks the highest sale value ever recorded by the company in a single residential e-auction.
The auction witnessed a strong response from bidders, with successfully bid residential units covering a combined super built-up area of approximately 8.79 lakh square feet. The average sale rate stood at ₹59,014 per sq ft, which was ₹21,853 per sq ft, or 58.8%, higher than the reserve price.
NBCC to Use E-Auction Proceeds for Redevelopment Projects
The funds generated through the e-auction will be utilised to finance various ongoing redevelopment works. The proceeds are expected to support project completion timelines and help meet financial obligations under the Ministry of Housing and Urban Affairs (MoHUA).
The residential units at Avenue Towers, Africa Avenue, form part of the seven General Pool Residential Accommodation (GPRA) redevelopment programme. Approved by the Union Cabinet, the programme aims to develop modern and sustainable government housing while optimising land use in the national capital.
Seven Government Colonies Covered Under GPRA Redevelopment Programme
The GPRA redevelopment programme covers seven government colonies in New Delhi:
- Mohammadpur
- Thyagraj Nagar
- Kasturba Nagar
- Sriniwaspuri
- Nauroji Nagar
- Sarojini Nagar
- Netaji Nagar
Of these, NBCC is implementing redevelopment projects in three colonies—Sarojini Nagar, Netaji Nagar and Nauroji Nagar. The Central Public Works Department (CPWD) is responsible for redevelopment in the remaining four colonies: Kasturba Nagar, Thyagraj Nagar, Sriniwaspuri and Mohammadpur.
NBCC’s Self-Sustainable Redevelopment Model
The GPRA redevelopment programme follows NBCC’s self-sustainable redevelopment model, under which ageing government colonies are transformed into modern residential complexes. Commercial assets are monetised to generate funds for the redevelopment activities.
The model is designed to facilitate large-scale urban development without placing an additional financial burden on the government budget. It also provides a framework that can be replicated in other cities across India.
Through this approach, NBCC is generating resources for the Government of India to support the completion of all seven GPRA redevelopment projects, including those being implemented by CPWD.
With the latest e-auction, NBCC has further strengthened its presence in the real estate sector and set a new benchmark for transparent, technology-driven property monetisation.
About NBCC (India) Limited
NBCC (India) Limited is a Navratna Central Public Sector Enterprise (CPSE) under the Ministry of Housing and Urban Affairs. The company operates in project management consultancy, engineering, procurement and construction, and real estate development. It undertakes major infrastructure, redevelopment and construction projects across India and overseas.
