News: NBCC Calls Off E-Auction of 262 Avenue Towers Apartments-19-08-2026
NBCC (India) Ltd has cancelled the e-auction of 262 ultra-luxury apartments at Avenue Towers on Africa Avenue in Sarojini Nagar, near Delhi’s Chanakyapuri, citing "administrative reasons" in a notice dated Aug 19.
The apartments were to measure over 4,000 sq ft each in saleable area, with a starting price of Rs 15 crore per unit, and were offered on a freehold basis. The state-owned National Buildings Construction Corporation (NBCC) had announced the e-auction in July.
The notice, titled Corrigendum-7 and published on NBCC’s website, said the auction was cancelled in exercise of the right expressly reserved to the company in the Application Document.
The Earnest Money Deposit (EMD) of each applicant and the Auction Processing Fee paid through the portal of RailTel Corporation of India Ltd will be refunded in full within three working days of the notice, to the bank account the applicant provided. NBCC said the processing fee, though stated to be non-refundable, is being returned ex gratia without admission of any liability, and that this will not set a precedent for any other tender or auction.
Prospective bidders have been asked to check the NBCC website for updates on a fresh auction.
Company sources had earlier told HT Real Estate that the project is expected to be completed within two years and to generate approximately Rs 4,400 through the e-auction. The proceeds are meant to fund redevelopment of General Pool Residential Accommodation (GPRA) colonies in Sarojini Nagar, Netaji Nagar and other CPWD colonies such as Sriniwaspuri and Kasturba Nagar.
The project will comprise 262 four-bedroom apartments in nine towers of G+10 storeys, with two to three apartments per floor connected through skywalks, a common clubhouse and landscaped open spaces, the sources had said.
