State-owned construction major NBCC (India) Ltd has raised more than Rs 7,000 crore through the bulk auction of residential units from the stalled Amrapali projects. The development marks a significant milestone in the ongoing effort to revive over 46,000 delayed homes across Noida and Greater Noida.
The funds were secured through three large-scale auctions where flats were sold in bulk to private developers, Mansan Builders, Happy Valley Infra and Gaursons India. Moving from retail sales to bulk auctions was a strategic shift aimed at accelerating funding for construction and settling longstanding dues.
Under the recent auctions, Mansan Builders acquired 1,233 units in the Aspire Golf Homes project for Rs 3,216.95 crore, while Gaursons India secured 1,046 units in Aspire Centurian Park for Rs 2,353.15 crore. Happy Valley Infra purchased 1,185 units in Aspire Dream Valley and contributed Rs 1,504.69 crore to the overall fund pool.
With over 3,700 units sold across these three developments, NBCC has liquidated approximately 19.1 million square feet of residential space. The company plans to sell an additional 3,400 units through similar auctions in the near future.
The bulk sale strategy is expected to fast-track construction across the affected sites and help clear outstanding dues. NBCC is set to repay approximately Rs 1,550 crore to banks that funded the stalled projects and around Rs 3,000 crore remains payable to the Greater Noida Authority. The progress follows a green signal from the Uttar Pradesh government, allowing NBCC to construct additional residential units. The move could potentially generate another Rs 14,000 crore, substantially boosting efforts to complete the remaining housing stock.
Currently, NBCC is overseeing the delivery of around 38,000 homes, but a total of nearly 46,000 units, including 41,000 previously sold and 5,000 unsold flats, remain part of the broader revival plan. These units are spread across over 20 long-delayed Amrapali projects.
In total, around 8,200 new flats with a saleable area exceeding 22.2 million square feet are being developed across six key projects: Aspire Leisure Park, Aspire Leisure Valley (Package I & II), Aspire Dream Valley, Aspire Silicon, Aspire Golf Homes, and Aspire Centurian Park. NBCC is simultaneously tendering out construction contracts for these projects, ensuring that work proceeds alongside fundraising activities.
All developments and transactions are overseen by the Court Receiver Committee, an entity established by the Supreme Court to oversee the rehabilitation of the Amrapali projects. Construction has resumed at every site, and NBCC has appointed dedicated contractors for each location.
