AU Real Estate Boosts Portfolio with Bulk Acquisition in Noida
AU Real Estate has acquired 446 flats for Rs 1,468 crore through an e-auction for a Noida housing project. The purchase is part of the Aspire Silicon City project developed by NBCC Ltd to complete stalled Amrapali Group projects. AU Real Estate plans to sell the units to end-users and investors.
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In a significant move, AU Real Estate has acquired 446 flats through an e-auction, amounting to Rs 1,468 crore, in Noida's housing project developed by NBCC Ltd, focusing on completing stalled Amrapali Group projects.
Ashish Agarwal, Director of AU Real Estate, confirmed acquiring selling rights at Aspire Silicon City, intending to launch and gradually sell these units. Despite higher acquisition costs, AU plans to market the apartments to both end-users and investors.
The project, spanning 8.5 acres, hosts about 600 units. NBCC has been selling such units in bulk to complete projects and repay debts, with prior buyers including Gaurs Group and Mansan Builders.
(With inputs from agencies.)
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