By THE NEWSMAN OF INDIA.COM|
Avenue Towers E-Auction Fetches ₹5,191 Crore : NBCC’s records Highest-Ever Sale Value for Residential Units in a single E-Auction

· Residential units on New Delhi’s Africa Avenue sold at an average of ₹59,014 per sq ft, nearly 59% above the reserve price

· Highest bid price of ₹ 89,061 per/sq.ft achieved in the E-auction

NBCC (India) Limited, a Navratna Central Public Sector Enterprise under the Ministry of Housing and Urban Affairs (MoHUA), has realised a sale value of approximately ₹5,191 crore from the e-auction of premium residential units at Avenue Towers, Africa Avenue, New Delhi. This is the highest sale value NBCC has ever recorded in a single residential e-auction.

The units were bid successfully, with a combined super built-up area of approximately 8.79 lakh sq ft, drew strong response from bidders (prominent members of the society). The average sale rate settled at ₹59,014 per sq ft, which was ₹21,853 per sq ft (58.8%) above the reserve price.

The funds realized through this e-auction will be utilised towards financing various ongoing redevelopment works, supporting project completion timelines and meeting financial obligations under the Ministry of Housing and Urban Affairs (MoHUA).

These flats located at Africa Avenue, New Delhi are part of 7GPRA redevelopment programme, approved by the Union Cabinet, aims to create modern, sustainable government housing while optimising land use in the national capital.

The colonies being redeveloped include Mohammadpur, Thyagraj Nagar, Kasturba Nagar, Sriniwaspuri, Nauroji Nagar, Sarojini Nagar and Netaji Nagar.Of these, three colonies— Sarojini Nagar, Netaji Nagar and Nauroji Nagar—are being implemented by NBCC, while CPWD is implementing redevelopment in Kasturba Nagar, Thyagraj Nagar, Sriniwaspuri and Mohammadpur.

The GPRA redevelopment programme follows NBCC’s innovative, self-sustainable redevelopment model, wherein ageing government colonies are transformed into modern residential complexes, and commercial assets are monetised to generate revenue for redevelopment. This model facilitates large-scale development without placing an additional burden on the Government budget and offers a replicable framework for other cities across India.

Through this model, NBCC is generating funds for the Government of India to support the completion of all 7 GPRA redevelopment projects, including those being executed by CPWD.

FUNDING THE CAPITAL’S REDEVELOPMENT

The proceeds received owing to monetisation of key assets will fund ongoing redevelopment works, help keep projects on schedule and meet financial obligations under MoHUA. NBCC’s monetisation model continues to pay for large-scale urban redevelopment from within. The model generates significant employment, uses energy-efficient design and follows the latest statutory norms.

With this transaction, NBCC has further strengthened its position as a leading public sector enterprise in real estate and set a new benchmark for transparent, technology-driven property monetisation. The wide participation, strong price discovery and high conversion seen in this e-auction show growing investor confidence in well-planned residential assets backed by government-led development.

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