NBCC Sells Delhi Residential Property at Avenue Towers for Rs 5,191 Crore

State-owned NBCC Ltd has completed the sale of residential apartments covering approximately 8.80 lakh square feet in the national capital. The properties, located at Avenue Towers on Africa Avenue Marg in Sarojini Nagar, New Delhi, fetched a total sale value of approximately Rs 5,191 crore.

According to a regulatory filing released by the company on Thursday, the transaction was executed through an e-auction process. The sale of these residential units is being conducted on behalf of the central government to generate funds for ongoing and future redevelopment projects.

As part of the execution agreement, Delhi-based NBCC will receive a marketing fee equivalent to 1 percent of the total sale value realized from the e-auction.

NBCC Ltd operates primarily in the domains of project management consultancy (PMC) and real estate development businesses, managing large-scale infrastructure and construction assignments for public and governmental entities.

"This major asset monetization transaction highlights the effectiveness of e-auctions in unlocking substantial value from government-owned real estate assets. For state-backed enterprises like NBCC, generating significant capital through structured property sales provides a reliable funding mechanism for urban redevelopment initiatives without placing a direct burden on public finances. Furthermore, earning a 1 percent marketing fee establishes a sustainable project management revenue stream for the company's core operations." — Dr. Shishir Gupta, Founder & CEO, StartupLanes