Who’s Behind Noida’s ₹1,468 Crore Flat Frenzy? 446 Homes, One Big Plan

Image Source: aurealestate.in

In a historic property deal, AU Real Estate, headed by Director Ashish Agarwal, has bought 446 apartments in Noida's Aspire Silicon City for ₹1,468 crore in an e-auction sale by NBCC (India) Ltd. The company now intends to offload the flats in the open market and is preparing to introduce a new project in the area, reflecting increased vigour in Noida's real estate market.

Deal Overview

AU Real Estate acquired 446 apartments in bulk at ₹1,468 crore in Noida's Aspire Silicon City project (Sector-76) developed by NBCC (India) Ltd.
The acquisition was done through an e-auction, where the reserve price was fixed at ₹10,500 a sq ft; the actual purchase was at a marginally higher price.

Project Details

Aspire Silicon City is an 8.5-acre complex and has around 600 units, of which 446 have been sold in this transaction.
The saleable area included is 13.85 lakh sq ft.
The construction project comes under the Supreme Court-led mission of completing delayed Amrapali Group projects, under which NBCC was appointed to complete and hand over 38,000 flats to buyers.

Future Plans

AU Real Estate plans to dispose of these 446 apartments in the open market at a premium, most probably, and ride strong demand for residential space in Noida.
The group is also gearing up to offer a new real estate development project in the region shortly, details of which will be announced soon.

Significance and Impact

The deal is one of the biggest recent bulk residential deals in Noida, indicating investor optimism and a pick-up in the city's real estate market.
Sale proceeds will assist NBCC in completing other ongoing projects and repay debts taken to complete these projects.
NBCC will receive a 1% marketing fee on the deal, which will further boost its operations.

About the Buyer

Ashish Agarwal, AU Real Estate Director, has confirmed the deal and described the company's plan to ride on Noida's increasing demand for real estate by selling the flats back and starting new ventures.

Sources: India.com, The Week, ThePrint, Rediff Money, PSU Watch