Recently, there was an advertisement in almost all the leading dailies, “NBCC announces e-auction of 262 apartments starting from ₹15.75 Cr near Chanakya puri, New Delhi”. Now as a realtor, I have been tracking the NBCC’s footprint in the housing real estate for quite some time now. I have explicitly covered NBCC’s projects under the ASPIRE program on my Youtube Channel – Hedgehomes. All those had one thing in common, the NBCC’s projects were always at a price point lower than the existing market and these projects, when marketed well, did actually disrupt the market dynamics for a shorter time. These projects actually had become the IPL of Noida Real Estate, because until those projects were not sold out, private developers feared to launch projects at a higher rate.
However, now in Sarojini Nagar, just adjacent to the Leela Palace, New Delhi, NBCC has played its biggest shot of its career. Now whether the ball goes out of the stadium is something to wait and watch post 31st July, when the auction is conducted.
But till then, I thought of penning the journey of NBCC in the NCR Real Estate.
A quick recap
Over the past decade, NBCC (India) Ltd. – a Government of India construction PSU – has evolved from executing government contracts to developing large residential projects in Delhi–NCR. Early NBCC housing (e.g. Dwarka and Kidwai Nagar flats) focused on mid‑segment and affordable segments, but since 2019 the company has been directed by the Supreme Court to complete stalled luxury/mid‑segment Amrapali projects.
Key projects include NBCC Green View (Sector 37D, Gurgaon) and the Amrapali–NBCC Aspire portfolio (Noida/Greater Noida). Green View (launched 2010) had severe structural defects and is being demolished. In contrast, NBCC’s current thrust is on high-end development: e.g. Avenue Towers (Chanakyapuri, Delhi) will offer 262 ultra‑luxury 4‑bed units (≥4,200 sq ft) at ₹15 Cr+ each. NBCC’s Q4 FY2025 results (₹4,701 Cr revenue, ₹183 Cr profit) reflect this shift. The company is also leveraging real estate (e‑auctions, JVs) to finance these projects, echoing a national “land monetization” strategy.
Going back in time
NBCC’s entry into residential development began with government‑mandated housing and redevelopment projects. Examples include Dwarka cooperative/BJ&U flats and the *Central Courtyard Garden* at East Kidwai Nagar. (Exact dates/data are unspecified by sources.) In Gurgaon, NBCC launched Green View (Sector 37D) in 2010 – 7 towers (784 flats +139 EWS) for mid‑segment buyers. Apartments were handed over by 2017. In parallel, NBCC developed Heights (Sector 89, Gurgaon) (license obtained ~2009; ~490 units) and smaller Delhi projects (e.g. Avenue Towers in Sarojini Nagar, an ultra‑luxury project currently under construction).
In Noida/Greater Noida, NBCC itself had few projects, but since 2019 it took over 24 stalled Amrapali projects (38,500 flats) as PMC. Key sites include Aspire Leisure Valley, Aspire Silicon City (Noida), Aspire Centurian Park, Leisure Park, Golf Homes and Dream Valley (GN West). These span mid‑segment (3 BHK) to luxury segments (planned high-end). NBCC Aspire (a special SPV) now markets these units. Upcoming NBCC developments include the Avenue Towers, Sarojini Nagar (Chanakyapuri): 262 four‑bed apartments (≈4,200–4,700 sq ft each) starting at ~₹15 Cr (to be auctioned mid‑2026).
NBCC and Aspire projects
As mentioned above in 2019, the Hon’able Supreme Court of India, had canceled 24 projects of Amrapalli Group spanning majorly in Noida Extension and Central Noida. ASPIRE was formed and the responsibility was given to NBCC to develop and handover the flats to buyers. Now, in the initial years, NBCC first targeted the low hanging fruits, the projects in which construction had begun. So they first finished off the leftover construction work. As a PMC it was the first time when NBCC had to construct and sell the units both. Selling is something which NBCC had not done before. So they started appointing agent firms like anarock through auctions to take care of the sales. But as per the official statements of NBCC, they had to spend ₹100 crores every month to pay their contractors building the project but they could receive only half of this amount through the existing sales channels.
One point I would like to highlight here is that, under the Aspire program, there were few land parcels, which were completely fresh.
The pits in the road
Meanwhile, An IIT Bombay audit in Feb 2021 found “pronounced cracks” and unsafe construction. In Feb 2022 the Gurugram DC invoked the National Disaster Management Act, declaring all towers unsafe and ordering evacuation by March 2022. NBCC and the state agreed to demolish affected blocks. This was a major setback to the reputation of NBCC as a Navratna Company and NBCC’s projects were pronounced to be unfit for living in common perceptions of people in NCR.
2025, a major turning point for NBCC in Noida Real Estate
Strategy Revamp
So NBCC brought in a new game plan for these new land parcels. They understood that with the old system, they wouldn’t achieve the desired speed to construct the project. On top of that, since these were fresh land parcels, so not only they roped in grade A contractors to ensure good construction quality but roped in international grade architects to design these projects from scratch. In numbers, this is also visible. The overall construction cost for earlier projects were approx ₹2500 per sqft. And for these fresh projects, the construction cost was raised to the range of ₹4000 – 5000 per sqft. The construction methodology also upgraded from brick construction to latest mivan technology that were being used by top private developers like Prestige, Sobha, etc, brought in IITs for regular audits in their projects, tied up with NABL labs. Basically they redefined their approach as any good developer would do in their projects.
They positioned these new projects into luxury category. And they had the biggest advantage, land was completely free (the major cost head of any real estate project). So NBCC could easily sell this project at 40% to 45% lower than the market price, providing the same specifications to the home buyers that private developers did.
Private Developer Playbook
But then something changed and NBCC started e-auction for bulk sale of inventories in the market. Focussed projects were Aspire Centurian Park 3, Aspire Golf Homes 2, Aspire Leisure Park 3, Aspire Dream Valley 3, Aspire Leisure Valley 2 and Aspire Silicon City 4. Private developers were invited to participate in these auctions. In a nutshell these private developers became the underwriters of the projects. They purchased the units from NBCC which financed the construction and these firms then marketed and sold the projects to home buyers in the market at a premium. Still these projects were 20% to 25% lower than the existing market rates by private developers for any micro-market.
Now if seen in numbers, NBCC in 2025 sold 5671 apartments worth approximately ₹12,000 crores. Prestige Estates had achieved these numbers for their 62.5 Acre township comprising 4041 apartments in Siddharth Vihar, Ghaziabad same in 2025. Now, this actually is a feat.
Currently, NBCC has ₹1779 Cr worth of apartments still in the pipeline in these projects. All in luxury category and one the best layouts in terms of efficiency the current market has to offer be it any listed developer or a local developer.
The Big Question
Today, when the buyers ask me will NBCC be able to deliver the paper promise, as a realtor I am confident. NBCC has also tried to remove this tarnish. If you are in Delhi then try visiting Bharat Mandapam and World Trade Center in Nauroji Nagar. The class and standards of these complexes is unbeatable.
Even in our meetings, we openly showcase the EPC documents to our clients and explain them whatever I have penned till now. And I am eagerly waiting for the black spot of Green Valley would be removed when NBCC delivers any one of these projects in the luxury residential category.
Next stop at Ultra-luxury
Now, after selling projects worth ₹2 Cr and ₹4 Cr, NBCC is eyeing at ultra-luxury segment through Avenue Towers in Sarojini Nagar.
Avenue Towers sits on Africa Avenue in Sarojini Nagar, next to Chanakyapuri, the address where ambassadors live. No new private developer has built here in decades. There is no other new build 4 BHK of this size available inside the Central Delhi core. That scarcity is the entire pitch.
The offer on paper can’t be ignored:
• 9 towers, G+10, only 2 to 3 apartments per floor
• 4 BHK from about 4,240 to 4,780 sq ft, three car parks each
• Super Area to Built-up area efficiency at 21.5% and floor-to-floor 10.5 feet
• A 51,000 sq ft clubhouse with a skywalk connecting all 9 rooftops
• Construction is already about 30 percent done.
• RERA timeline is 42 months, delivery expected in 24 months.
• Sam India is the contractor.
Priced at ~₹16 Cr @ ₹37,161 per sqft, may seem higher, but the scarcity and location it enjoys, I would say it justifies the price. For the target audience living in areas like east delhi and south delhi, this is their ultimate location. They already have proved when projects like Trump Towers, Jacobs & Co, Ellie Saab, L&T Green Reserves launched in Noida on the Noida-Greater Noida Expressway. They were all priced above ₹20,000 per sqft.
Just to add here, again the land here is owned by MoHUA. Now, think had this been developed by any private developer by winning the land in auctions, would they still be able to price at this level. I don’t think so.
For me, the only thing that remains is the delivery which is promised on paper. And looking at the speed of the construction and the quality of Aspire Program projects, my confidence is at its peak but I still wait and watch.
What do you think? You may comment your views below.
