The auction
State-owned NBCC (India) has sold residential apartments with a combined area of about 8.8 lakh sq ft at Avenue Towers on Africa Avenue Marg, Sarojini Nagar, New Delhi, for approximately ₹5,191 crore through an e-auction. The company disclosed the sale in a regulatory filing on 29 October 2026, and said it was its highest-ever sale value from a single residential e-auction.
The apartments were sold on behalf of the Central government, and the proceeds are meant to fund government redevelopment projects. NBCC will receive a marketing fee equal to 1% of the sale value, according to the filing as reported by BusinessLine and Mint. The disclosure did not name the buyers or give prices for individual units.
The numbers
According to ET Realty, the units have a combined super built-up area of around 8.79 lakh sq ft and were sold at an average rate of ₹59,014 per sq ft. The reserve value — the minimum price set before bidding — was about ₹3,268.83 crore, so the final realisation came in roughly 58.8% above it. The highest bid in the auction reached ₹89,061 per sq ft.
On these figures, NBCC's 1% marketing fee would amount to roughly ₹52 crore.
Unlike a typical private-sector project launch, this was a monetisation of government-owned residential property: the homes were offered through an online auction, with bids opening at the reserve price, and the money raised is earmarked for redevelopment work under the Ministry of Housing and Urban Affairs, ET Realty reported.
The Patna projects
Separately, NBCC has signed memoranda of understanding with various departments of the Bihar government for four redevelopment projects in Patna under a first phase. The MoUs were signed in the presence of Bihar Chief Minister Samrat Choudhary and NBCC chairman and managing director K P Mahadevaswamy, Indian Masterminds reported.
The projects cover about 34.34 acres and have an estimated cost of around ₹2,000 crore, excluding GST, according to a state Urban Development and Housing Department cabinet note cited in the reports. They are expected to generate about ₹5,152 crore in sale and lease proceeds under a self-financing model, meaning the developments are to be funded by selling and leasing part of the built space rather than through the state budget.
Two of the projects involve redeveloping Bihar State Housing Board colonies at Sector 5 (TV Tower) and Sector 6 (Bahadurpur). Together they will provide 3,331 homes across the economically weaker section (EWS), lower-income (LIG), middle-income (MIG) and higher-income (HIG) categories, along with shopping areas, offices and community facilities. The third is a proposed IT tech park at Gardanibagh for the state's Department of Information Technology, described as Bihar's first such facility. The fourth is a hotel and commercial development on a Water Resources Department site on Bailey Road. NBCC will handle project management and marketing.
NBCC has also opened a branch office in Melbourne, Australia, to pursue project management consultancy and engineering, procurement and construction work, ET Realty reported.
What it means
The Avenue Towers result indicates strong demand for large, finished homes in central Delhi, where fresh private supply is scarce. The average realised rate was well above the reserve, and the top bid was about 50% higher than the average.
For the government, the sale reinforces the land-monetisation model behind its colony redevelopment programme, in which selling a portion of new homes funds the rebuilding of public housing. The Patna MoUs extend a similar approach to a state housing board's ageing colonies. Homebuyers in Patna should note that these are agreements at the planning stage; timelines, unit prices and approvals have not been announced.
Sources
- ET Realty: NBCC signs ₹2,000 crore Patna redevelopment MoUs; Avenue Towers e-auction fetches ₹5,191 crore — published 3 November 2026.
- Mint: NBCC's Avenue Towers in Sarojini Nagar sees ₹5,191-crore sale of 8.8 lakh sq ft apartments — published 1 November 2026.
- BusinessLine: NBCC sells Delhi residential property worth ₹5,191 crore through e-auction — published 29 October 2026.
- Indian Masterminds: NBCC Signs MoUs for Rs 2,000 Crore Patna Redevelopment Projects, to Develop 3,331 Residential Units — published 3 November 2026.