NBCC cancels e-auction of 262 luxury apartments in Delhi’s Chanakyapuri, citing ‘administrative’ reasons
NBCC Pulls the Plug on ₹15 Crore Chanakyapuri Apartment Auction
Bharatmorningnews.com – The state-owned National Buildings Construction Corporation (NBCC) has scrapped its planned e-auction of 262 ultra-luxury flats in Delhi's prestigious Chanakyapuri neighbourhood. A notice issued on August 19 attributed the decision to "administrative reasons," leaving prospective buyers without a clear explanation for the abrupt withdrawal.
The Project That Never Went to Market
The units in question sit at Avenue Towers, a development on Africa Avenue in Sarojini Nagar. Each of the 262 four-bedroom residences was designed to exceed 4,000 sq ft of saleable area, with entry pricing set above ₹15 crore per unit. The apartments were to be sold on a freehold basis.
Avenue Towers is structured as nine towers, each rising G+10 storeys. Two to three apartments occupy every floor, linked by skywalks. A shared clubhouse and landscaped open areas complete the layout, according to company sources.
What the Cancellation Notice Says
In a document titled "Corrigendum-7: Cancellation of E-Auction," posted on its website and dated August 19, NBCC stated:
"In exercise of the right expressly reserved to NBCC (India) Limited in the said Application Document, it is hereby notified that, for administrative reasons, the said e-auction stands hereby cancelled."
The corporation added that the Earnest Money Deposit (EMD) lodged by every applicant, together with the Auction Processing Fee remitted through the RailTel Corporation of India Ltd portal, would be returned in full within three working days of the notice date.
"The refund of the Auction Processing Fee is being made ex gratia, in good and without admission of any liability whatsoever, even though the said fees are stated to be non-refundable in the Application Document. Further, the decision of NBCC to refund the auction processing fee shall not constitute a precedent in respect of any other tender, auction or process of NBCC (India) Limited."
What Happens Next
NBCC directed interested bidders to monitor its website for any future auction tied to the same project.
"Interested bidders are requested to check NBCC website regarding further updates/auction in respect of this project."
The Broader Redevelopment Rationale
Company sources previously told HT Real Estate that the Avenue Towers build-out is slated for completion within roughly two years and that the e-auction was projected to raise approximately ₹4,400 crore. Those proceeds were earmarked to finance the redevelopment of General Pool Residential Accommodation (GPRA) colonies in Sarojini Nagar and Netaji Nagar, as well as other CPWD residential enclaves including Sriniwaspuri and Kasturba Nagar across Delhi.
"NBCC (India) Limited will be e-auctioning 262 ultra-luxury apartments under its flagship Avenue Towers project at Sarojini Nagar Near Chanakyapuri, New Delhi, with prices expected to start from over₹15 crore per apartment."
The original e-auction had been announced in July, making the August cancellation a matter of barely six weeks from launch to withdrawal.
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