NBCC (India) Limited, the state-owned National Buildings Construction Corporation, will e-auction 262 ultra-luxury apartments, each measuring over 4,000 sq ft (saleable area), in Delhi’s upscale Chanakyapuri, with a starting price of ₹15 crore per unit, sources said.

The project is expected to be completed within the next two years and is expected to generate approximately ₹4,400 through the e-auction process, according to a report by The Hindustan Times.

The proceeds will fund the redevelopment of General Pool Residential Accommodation (GPRA) colonies in Sarojini Nagar, Netaji Nagar and other CPWD residential colonies such as Sriniwaspuri and Kasturba Nagar in Delhi.

“NBCC (India) Limited will be e-auctioning 262 ultra-luxury apartments under its flagship Avenue Towers project at Sarojini Nagar Near Chanakyapuri, New Delhi, with prices expected to start from over ₹15 crore per apartment,” they said.

The last date for submitting the earnest money deposit (EMD) is July 30, the pre-bid meeting is scheduled for July 24, and the e-auction will be held on July 31, they said.

The Avenue Towers project will comprise 262 four-bedroom apartments spread across nine towers, each rising G+10 storeys. Each floor will accommodate two to three apartments, connected through skywalks, with a common clubhouse and landscaped open spaces.

The apartments will be offered in three configurations:

Saleable area: Approximately 4,200 sq ft, 4,300 sq ft and 4,700 sq ft

Carpet area: 2,518.35 sq ft, 2,552.68 sq ft and 2,597.78 sq ft

Each apartment will come with three dedicated car parking spaces, sources said.

As for amenities, the project is designed as a self-sustainable green building and will feature a 50,000 sq ft clubhouse, sky gardens, landscaped open spaces, open-air gym, yoga deck, residents’ lounge, pet park, large balconies and terraces, tower-specific drop-off porch and entrance lobby and floor-to-floor height of 3.22 metres, the project brochure showed.

Avenue Towers has been designed as a self-sustainable green residential development

Construction timeline and sales

The under-construction project has already received RERA registration, and NBCC expects to complete construction within two years, sources said.

The apartments will be sold through an e-auction, with the highest bidders securing the units, they said.

The payment schedule will be construction-linked, with buyers paying 2% at the time of booking, 8% subsequently and 10% after three months, followed by stage-wise payments linked to construction milestones, they said.

Avenue Towers is a key component of NBCC’s broader land monetisation initiative, which aims to finance the redevelopment of government residential colonies in Delhi without burdening the public exchequer.