NBCC Cancels E-Auction of 262 Ultra-Luxury Apartments in Delhi’s Chanakyapuri

• NBCC Cancels E-Auction of 262 Ultra-Luxury Apartments in Delhi’s Chanakyapuri
• EMD and auction processing fees will be refunded to applicants within three working days.
• A fresh auction may be announced, with bidders advised to monitor NBCC’s official website.

New Delhi: NBCC (India) Ltd has cancelled the planned e-auction of 262 ultra-luxury apartments at Avenue Towers in Sarojini Nagar, near Chanakyapuri, Delhi. The decision was announced through a notice dated August 19, 2026, with the state-owned construction company citing administrative reasons for the cancellation. The apartments had been put up for sale through an e-auction launched earlier in July.

The properties, being offered on a freehold basis, have a saleable area of more than 4,000 sq ft each. The auction was attracting significant attention because the apartments carried a starting price of more than ₹15 crore per unit. NBCC had planned to sell all 262 units as part of its Avenue Towers project.

In its latest corrigendum titled “Cancellation of E-Auction,” NBCC stated that it was exercising the right reserved under the application document to cancel the auction for administrative reasons. The company has also confirmed that applicants will not lose the money deposited during the bidding process.

The Earnest Money Deposit (EMD) submitted by bidders and the auction processing fee paid through the RailTel Corporation of India Ltd portal will be returned in full. NBCC said the refunds will be processed within three working days from August 19 and transferred to the bank accounts provided by the applicants.

The company has also clarified that the refund of the auction processing fee, although originally described as non-refundable, is being made on an ex-gratia basis and should not be treated as a precedent for future NBCC tenders or auctions.

The Avenue Towers development is one of NBCC’s major redevelopment projects in the Sarojini Nagar area, close to Delhi’s diplomatic and high-end residential district of Chanakyapuri. The project was planned to include 262 four-bedroom apartments across nine towers, with each tower rising to G+10 floors.

The towers are designed with two to three apartments on each floor, while skywalks, landscaped areas and a common clubhouse are planned as part of the development. With apartment prices starting above ₹15 crore, the auction was positioned firmly in Delhi’s ultra-luxury residential segment.

The proposed auction was also significant because the proceeds were expected to support the redevelopment of several government residential colonies in Delhi. Earlier estimates indicated that the e-auction could generate around ₹4,400 crore.

The funds were expected to contribute towards redevelopment work in General Pool Residential Accommodation (GPRA) colonies in Sarojini Nagar and Netaji Nagar, along with other Central Public Works Department (CPWD) residential colonies, including areas such as Sriniwaspuri and Kasturba Nagar.

For now, NBCC has not announced a new auction date or released revised bidding terms. The company has advised interested buyers to regularly check its official website for information about a possible fresh e-auction of the Avenue Towers apartments.

For applicants who had already registered and deposited money, the immediate priority will be the refund process. With the EMD and auction processing fee expected to be returned within three working days, prospective buyers will need to wait for NBCC’s next announcement before deciding whether to participate in a future auction.

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