NBCC to E-Auction 262 Ultra-Luxury Apartments in Delhi

• 262 luxury apartments to be e-auctioned from July 31.
• Base price starts at over ₹15 crore per apartment.
• Auction proceeds will fund Delhi’s GPRA redevelopment projects.

New Delhi: State-owned NBCC (India) Limited is set to e-auction 262 ultra-luxury apartments under its Avenue Towers project near Chanakyapuri, New Delhi. The online auction is scheduled for July 31, with the starting price of each apartment fixed at over ₹15 crore. The initiative is expected to generate around ₹4,400 crore, which will be used to finance the redevelopment of government residential colonies in the capital without relying on public funds.

The premium residential project is located at Sarojini Nagar, close to Delhi’s diplomatic enclave of Chanakyapuri. Buyers interested in participating must submit the Earnest Money Deposit (EMD) by July 30, while a pre-bid meeting will be held on July 24. The apartments will be allotted through a transparent e-auction process, with the highest bidders securing the units.

According to NBCC, Avenue Towers will feature 262 four-bedroom apartments spread across nine towers with G+10 floors. The homes will be available in three configurations with saleable areas of approximately 4,200 sq ft, 4,300 sq ft and 4,700 sq ft. Each apartment will include three dedicated car parking spaces and will be part of a green residential development featuring a 50,000 sq ft clubhouse, sky gardens, landscaped open areas, yoga deck, pet park, open-air gym, residents’ lounge, spacious balconies and modern sustainability features.

The project is expected to be completed within the next two years and has already received RERA registration. The apartments will follow a construction-linked payment plan, requiring buyers to pay 2% at booking, followed by 8%, 10% after three months, and the remaining amount in stages linked to construction progress.

The redevelopment is significant because the auction proceeds will directly support the ongoing transformation of General Pool Residential Accommodation (GPRA) colonies, including Sarojini Nagar, Netaji Nagar, Sriniwaspuri and Kasturba Nagar.

The Avenue Towers project is part of the government’s larger ₹32,000 crore GPRA redevelopment programme, one of India’s biggest self-financed urban renewal initiatives. The project aims to replace 12,970 old government quarters with 21,083 modern residential units, while adding commercial spaces, social infrastructure and sustainable public amenities.

According to sources, redevelopment works worth nearly ₹15,000 crore have already been completed, while previous e-auctions of commercial properties at World Trade Centre, Nauroji Nagar, Bharat Business Park, and the Sarojini Nagar Commercial Complex have generated around ₹22,000 crore. The upcoming auction is expected to further strengthen funding for the remaining redevelopment work.

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