In a significant real estate transaction, AU Real Estate has purchased 446 residential units in Aspire Silicon City, a Noida-based housing project being developed by NBCC (India) Ltd, for a total consideration of ₹1,468 crore via e-auction.
These units were part of the Supreme Court-monitored initiative to revive Amrapali Group’s stalled projects through NBCC under the ASPIRE framework.
Project Snapshot
| Details | Information |
|---|---|
| Buyer | AU Real Estate |
| Seller | NBCC Ltd (on behalf of ASPIRE) |
| Project Name | Aspire Silicon City |
| Location | Sector 76, Noida, Uttar Pradesh |
| Flats Purchased | 446 units |
| Total Deal Value | ₹1,468 crore |
| Total Saleable Area | 13.85 lakh sq ft |
| Reserve Price | ₹10,500/sq ft |
| Project Area | 8.5 acres |
| Remaining Units in Project | Approx. 154 units |
| Mode of Purchase | E-Auction |
Background: Amrapali Revival via ASPIRE
- ASPIRE (Amrapali Stalled Projects Investments Reconstruction Establishment) was set up under the direction of the Supreme Court to oversee the completion of 38,000 flats previously stuck under the defunct Amrapali Group.
- The state-owned NBCC Ltd was appointed as the execution agency for these developments.
This bulk sale is part of NBCC’s effort to repay debts and generate capital to fund construction.
What AU Real Estate Plans to Do
According to Ashish Agarwal, Director at AU Real Estate:
- The company will relaunch these flats in the open market, targeting end-users and investors.
- Sales will be done in a staggered manner, aligned with construction progress.
- AU Real Estate must pay the entire ₹1,468 crore, even if sales fall short.
- The bid price was slightly above the reserve rate of ₹10,500/sq ft.
“We will be launching the project soon and allot apartments directly to customers,” said Agarwal.
NBCC’s Bulk Sales Strategy
NBCC has been actively selling stalled Amrapali flats to private developers:
- 446 units sold to AU Real Estate in Aspire Silicon City
- Total of 4,470 units sold across five projects, generating ₹9,700 crore
- Other buyers include Gaurs Group, Mansan Builders, and Happy Valley Infra
About AU Real Estate
| Attribute | Details |
|---|---|
| Founded | 2022 |
| Region | Delhi-NCR |
| Current Projects | 2 projects under development |
| Latest Deal | 446 flats in Noida from NBCC |
FAQs
Q1. Who is AU Real Estate?
A: AU Real Estate is a relatively new developer, established in 2022, and currently developing two projects in the Delhi-NCR region.
Q2. What is Aspire Silicon City?
A: A residential housing project located in Sector 76, Noida, developed by NBCC under the ASPIRE framework for completing stalled Amrapali projects.
Q3. What is the size of this acquisition?
A: AU Real Estate purchased 446 flats for ₹1,468 crore, totaling a saleable area of 13.85 lakh sq ft.
Q4. Will AU Real Estate sell these flats?
A: Yes, the company plans to launch the project soon and sell the apartments to end-users and investors.
Q5. How many more flats are available in Aspire Silicon City?
A: The project comprises around 600 units, meaning approximately 154 flats remain unsold after this transaction.