Summary of this article
NBCC auctions 262 luxury Delhi apartments.
Proceeds fund GPRA colony redevelopment.
Reserve prices start above ₹15 crore.
State-owned NBCC (India) is set to e-auction 262 ultra-luxury apartments in Delhi’s upscale Chanakyapuri area, with the reserve price starting at over Rs 15 crore per unit. The apartments are part of the company’s flagship Avenue Towers project at Sarojini Nagar, near Chanakyapuri, and are expected to generate around Rs 4,400 crore through the auction process.
The proceeds from the sale will be used to finance the redevelopment of General Pool Residential Accommodation (GPRA) colonies, including Sarojini Nagar, Netaji Nagar, Sriniwaspuri, and Kasturba Nagar. The redevelopment initiative is being undertaken as a self-financing model, allowing the government to modernise ageing residential colonies without placing an additional burden on the public exchequer.
The e-auction process has a fixed timeline. Interested buyers must submit the earnest money deposit (EMD) by July 30, while a pre-bid meeting has been scheduled for July 24. The online auction will take place on July 31, according to a report in the Hindustan Times.
Project Details
The Avenue Towers development will consist of 262 four-bedroom apartments spread across nine residential towers, each rising up to 10 storeys above the ground level. Every floor will house 2-3 apartments connected through skywalks, while residents will also have access to a common clubhouse and landscaped open spaces.
The apartments will be offered in three configurations, with saleable areas of approximately 4,200 square feet, 4,300 square feet and 4,700 square feet. Carpet areas range from about 2,518 square feet to nearly 2,598 square feet. Each apartment will include three dedicated parking spaces.
According to the project brochure, Avenue Towers has been designed as a self-sustainable green residential development. Planned amenities include a 50,000-square-foot clubhouse, sky gardens, landscaped green spaces, an open-air gym, yoga deck, residents’ lounge, pet park, large balconies and terraces, tower-specific entrance lobbies and drop-off porches, and a floor-to-floor height of 3.22 metres.
Construction and Payment Schedule
The project has already secured registration under the Real Estate Regulatory Authority (RERA), and NBCC expects construction to be completed within the next two years. The apartments will be allotted through an e-auction, with the highest bidders securing the units.
The payment plan will be linked to construction milestones. Buyers will initially pay 2 per cent of the cost at the time of booking, followed by another 8 per cent and 10 per cent after three months. The remaining payments will be made in stages as construction progresses.
Part of Larger Redevelopment Plan
The Avenue Towers project forms an important part of NBCC’s broader land monetisation strategy aimed at funding the redevelopment of government residential colonies across Delhi. The overall GPRA redevelopment programme, estimated at Rs 32,000 crore, seeks to replace 12,970 old government quarters with 21,083 modern residential units while significantly expanding the built-up area and adding commercial spaces, social infrastructure and sustainable urban amenities. According to the report, work worth nearly Rs 15,000 crore has already been completed under the redevelopment programme.
