AU Real Estate Buys 446 Flats in Noida’s Aspire Silicon City for ₹1,468 Cr; Eyes Premium Resale

In a major real estate transaction, AU Real Estate has reportedly acquired 446 apartments in the ‘Aspire Silicon City’ project in Noida from NBCC (India) Ltd for ₹1,468 crore through an e-auction process. These units are now expected to be resold at higher prices in the open market.

NBCC’s Role in Completing Amrapali Projects

The Aspire Silicon City project is part of the broader Amrapali recovery and redevelopment effort, overseen by NBCC on directions from the Supreme Court. Under this mandate, NBCC is tasked with completing 38,000 stalled flats belonging to the now-defunct Amrapali Group. The Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) was set up for this purpose, enabling NBCC to sell apartments in bulk and use the proceeds for construction and debt repayment.

Breakdown of the Transaction

• The e-auction resulted in a total sale value of ₹1,467.93 crore.
• AU Real Estate acquired 446 flats, accounting for 13.85 lakh sq ft of saleable area.
• The reserve price was set at ₹10,500 per sq ft, with AU reportedly paying a marginally higher rate.

The identity of the buyer was not initially disclosed by NBCC, but AU Real Estate Director Ashish Agarwal later confirmed the acquisition of the selling rights for these apartments.

Staggered Payment and Sale Strategy

According to Agarwal, AU Real Estate will pay the total bid amount in phases, tied to the construction progress. Importantly, this payment commitment stands even if the firm is unable to sell the units. The company plans to launch the project soon and sell the units in phases, targeting both end-users and investors seeking appreciating assets in Noida.

NBCC’s Ongoing Monetisation via Bulk Sales

NBCC has so far generated ₹9,700 crore by auctioning 4,470 units across five projects. Other buyers in earlier e-auctions include Gaurs Group, Mansan Builders, and Happy Valley Infra. The Aspire Silicon City project itself spans 8.5 acres and includes around 600 units, of which 446 were part of this bulk transaction.

AU Real Estate’s Growing Footprint

Founded in 2022, AU Real Estate is already developing two projects in the Delhi-NCR region. This latest acquisition significantly boosts the firm’s inventory, positioning it strategically in one of Noida’s high-demand micro-markets.

Disclaimer: This news article is based on publicly available information and statements provided by company officials. Readers are advised to exercise discretion and conduct independent due diligence before making any property-related decisions.