NBCC sells Avenue Towers flats in Sarojini Nagar for about ₹5,191 crore via e-auction

What happened

NBCC (India) Limited, a state-owned construction and project management company based in Delhi, sold residential apartments at Avenue Towers through an e-auction. In its regulatory filing dated 29 October 2026, the company stated that about 8.80 lakh sq ft of residential space was sold for a total sale value of approximately ₹5,191 crore.

The auction followed an earlier round that was cancelled. NBCC then issued a fresh e-auction application document on 3 October 2026 for 262 apartments. The main bidding was scheduled for 19 October 2026, and the 29 October filing confirms that the e-auction concluded.

Who is selling and why

The apartments were sold on behalf of the central government. The proceeds will fund redevelopment projects across several government colonies in the national capital, and they will be used for ongoing redevelopment works, support for project completion timelines, and financial obligations under the Ministry of Housing and Urban Affairs (MoHUA).

The Avenue Towers flats are part of a seven-colony redevelopment programme, known as the GPRA programme, approved by the Union Cabinet. The colonies are Mohammadpur, Thyagraj Nagar, Kasturba Nagar, Sriniwaspuri, Nauroji Nagar, Sarojini Nagar and Netaji Nagar.

• NBCC is implementing redevelopment in Sarojini Nagar, Netaji Nagar and Nauroji Nagar.
• The Central Public Works Department (CPWD) is implementing redevelopment in Kasturba Nagar, Thyagraj Nagar, Sriniwaspuri and Mohammadpur.

According to coverage of the filing, the model allows large-scale development without adding to the government budget. NBCC is generating funds to support completion of all seven projects, including the CPWD-run ones.

Bidding and prices

Bidders had to quote a rate equal to or above the reserve price of ₹37,161 per sq ft on super built-up area. The minimum bidding increment was ₹100 per sq ft.

The average sale rate was ₹59,014 per sq ft, nearly 60 per cent above the reserve. The highest bid was ₹89,061 per sq ft.

Applying the reserve rate to the 8.80 lakh sq ft area gives a reserve value of roughly ₹3,270 crore. The ₹5,191 crore sale value is about 59 per cent above that figure. Before the auction, media reports cited sources expecting proceeds of about ₹4,400 crore.

The apartments and buyer terms

The October notice listed 262 residential units across nine towers. The unit types and reserve prices in the notice were:

A July 2026 notice counted 84 Type A, 93 Type B and 85 Type C apartments. Carpet areas range from about 2,518 to 2,598 sq ft. Media descriptions call the units 4 BHK, with two or three apartments per floor in each of the ten-floor towers, connected by skywalks.

The apartments are offered on a freehold basis. The application document prints Delhi RERA registration DLRERA2026P0010. Under the notice terms, buyers pay an IFMS and sinking fund charge of ₹200 per sq ft, a one-time club charge of ₹5 lakh plus GST, and maintenance of ₹6 per sq ft per month for two years.

NBCC states that construction has started. The October bidding schedule ran from an EMD deadline on 17 October 2026 at 8 pm, a mock e-auction on 18 October, and the main e-auction on 19 October from 12 noon to 2 pm on a RailTel-authorised platform.

Location

Avenue Towers fronts Africa Avenue Marg in Sarojini Nagar. The property is near Bhikaji Cama Place, with Safdarjung Enclave to its south. Road access is through arterial routes including Africa Avenue and Nauroji Nagar, and the Outer Ring Road is nearby.

• Sarojini Nagar Metro Station is on the Pink Line (Line 7). It opened on 6 August 2018.
• The station connects to the Yellow Line through the adjacent Dilli Haat-INA interchange.
• Bhikaji Cama Place metro station is about 1.7 km away.
• Indira Gandhi International Airport is about 15 to 20 km away.

What it means for buyers, investors and the market

For bidders, the auction set a floor at the reserve price. The average and top bids were both above it, which shows the reserve-and-bid model worked as designed.

For NBCC, the marketing fee is a one-time gain. Coverage reports that it improves the company's cash flow and shows the viability of its asset monetisation model. One analysis describes the fee income as capital-light and reads the result as a sign of demand for premium residential property in Central Delhi. That is the view of the outlet, not of a regulator.

Coverage also flags possible delays in buyer payment schedules and final deed registrations after the e-auction as a risk for buyers.

Because this was a government-owned property sale, it is not a conventional private developer sale. The sale links the monetisation of government residential property with funding for redevelopment.

What comes next

• NBCC will account for its 1% marketing fee of about ₹51.91 crore, calculated on the final sale value.
• Proceeds will go to ongoing redevelopment works and MoHUA obligations across the seven colonies, including the CPWD-run projects.
• Buyer payment schedules and deed registration for the winning bidders follow the auction.

Possession and completion are governed by the auction document and the individual allotment letters. One analysis of the notice suggests buyers plan on about 42 months from allotment for physical completion, subject to the document's extension provisions.

Background to the auction

A 17 July 2026 NBCC notice offered 262 Avenue Towers apartments, with pre-bid EMD due on 30 July 2026 and live bidding set for 31 July 2026. That round was later cancelled. NBCC's fresh notice of 3 October 2026 (reference NBCC/Sr. ED/2026/740) set the October bidding date of 19 October 2026.

NBCC also reported work orders worth ₹144.98 crore in recent coverage.