NBCC’s Avenue Towers in Sarojini Nagar sees ₹5,191-crore sale of 8.8 lakh sq ft apartments

State-owned National Buildings Construction Corporation (NBCC) Ltd has sold residential apartments covering approximately 8.80 lakh sq ft at Avenue Towers in Sarojini Nagar, New Delhi, for around ₹5,191 crore.

The proceeds from the sale will be used to finance redevelopment projects of the Central Government. The transaction was completed through an e-auction, placing the large-scale residential property sale among the significant government-linked real estate transactions in the national capital.

In a regulatory filing on Thursday, NBCC said it had “successfully sold residential apartments of approximately 8.80 lakh sq ft area at Avenue Towers, Africa Avenue Marg Sarojini Nagar, New Delhi, through an e-auction at total sale value of approximately ₹5,191 crore.”

NBCC to receive 1% marketing fee from ₹5,191-crore property sale

NBCC will receive a marketing fee equivalent to 1% of the total sale value for facilitating the transaction.

The residential properties were marketed on behalf of the Central Government. The proceeds from the sale are intended to support government redevelopment projects, linking the monetisation of residential assets with funding for infrastructure and property redevelopment.

Unlike a conventional private-sector real estate transaction, the sale involves the monetisation of government-owned residential property through an e-auction process.

What is Avenue Towers in Sarojini Nagar?

The apartments sold by NBCC are located at Avenue Towers on Africa Avenue Marg in Sarojini Nagar, New Delhi. The residential units covered by the transaction span approximately 8.80 lakh sq ft.

The total sale value of ₹5,191 crore provides an indication of the scale of the residential property transaction in the national capital.

However, NBCC’s regulatory disclosure did not specify the identities of the buyers or provide individual sale prices for the apartments.

What is NBCC’s role in government redevelopment projects?

NBCC operates in the project management consultancy and real estate sectors and is involved in government-led construction and redevelopment activities.

In this transaction, the company facilitated the sale of residential apartments on behalf of the Central Government through an e-auction.

Its stated remuneration for the transaction is a marketing fee equivalent to 1% of the sale value, while the proceeds are earmarked for funding Central Government redevelopment projects.