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NBCC (India) Limited is set to e-auction 262 ultra-luxury apartments under its flagship Avenue Towers project at Sarojini Nagar near Delhi's prestigious Chanakyapuri diplomatic enclave. Each apartment spans more than 4,000 square feet of saleable area, with reserve prices starting at over ₹15 crore per unit. The state-owned Navratna enterprise expects the auction to generate nearly ₹4,400 crore, with proceeds earmarked for redeveloping government residential colonies across the national capital.
The premium residential project is expected to be completed within the next two years. NBCC's redevelopment initiative forms part of the government's self-financing model, allowing ageing General Pool Residential Accommodation (GPRA) colonies to be modernised without placing additional financial burden on the public exchequer.
Avenue Towers Targets High-End Homebuyers
The apartments are designed for luxury homebuyers seeking spacious residences in one of Delhi's most sought-after neighbourhoods. Located close to Chanakyapuri, the development offers proximity to diplomatic missions, central business districts and premium social infrastructure, making it one of the capital's most exclusive residential offerings.
Redevelopment to Benefit Multiple Government Colonies
Funds raised through the auction will finance the redevelopment of GPRA colonies including Sarojini Nagar, Netaji Nagar, Sriniwaspuri and Kasturba Nagar. These projects aim to replace ageing government housing with modern residential infrastructure while improving urban planning and public amenities.
Self-Financing Model Supports Urban Renewal
NBCC continues to adopt a self-financing redevelopment model in which revenue generated from commercial and premium residential projects is utilised to fund public housing redevelopment. This approach enables large-scale urban transformation while reducing dependence on direct government funding.
E-Auction Schedule Announced
Interested buyers must submit their earnest money deposit (EMD) by July 30. A pre-bid meeting has been scheduled for July 24, while the online e-auction will take place on July 31, providing prospective buyers with an opportunity to acquire premium residences in one of Delhi's most prestigious locations.
Luxury Segment Continues to Attract Demand
Delhi's premium residential market continues to witness healthy demand from high-net-worth individuals seeking larger homes in established locations. Limited supply in prime neighbourhoods such as Chanakyapuri and surrounding areas has strengthened the appeal of exclusive developments offering spacious layouts and modern amenities.
Also Read: NBCC to Build New Andhra Pradesh Bhavan in Delhi
NBCC Expands Its Real Estate Portfolio
As one of India's leading public sector real estate developers, NBCC continues to play a significant role in government redevelopment projects while also delivering premium residential developments. The Avenue Towers project demonstrates the company's strategy of combining commercial viability with large-scale public infrastructure renewal.
- NBCC will e-auction 262 ultra-luxury apartments near Chanakyapuri.
- Reserve prices start at over ₹15 crore per apartment.
- The project is expected to generate around ₹4,400 crore.
- Funds will support redevelopment of multiple GPRA colonies.
- EMD submissions close on July 30, with the auction on July 31.
- The project is scheduled for completion within two years.
Premium Housing Project to Support Delhi's Urban Redevelopment
NBCC's Avenue Towers e-auction represents one of Delhi's most significant luxury housing offerings while reinforcing the government's self-financing redevelopment strategy. By combining premium real estate with public infrastructure renewal, the project is expected to contribute to both the capital's luxury housing market and the modernisation of government residential colonies.
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