NBCC Chanakyapuri Luxury Apartments: Inside the Avenue Towers Auction of 262 Ultra-Luxury Homes
NBCC will e-auction 262 ultra-luxury flats in its Avenue Towers project near Chanakyapuri on July 31, with a ₹15 crore floor and about ₹4,400 crore expected. What the flats offer, how the bidding works, and why the money funds Delhi's GPRA colony redevelopment.
Zeeshan Jamal6 min read
At a glance
- NBCC (India) Ltd will e-auction 262 ultra-luxury apartments in its Avenue Towers project at Sarojini Nagar, near Chanakyapuri, New Delhi, per HT's reporting.
- Floor price: over ₹15 crore per unit. Expected proceeds: about ₹4,400 crore. Every flat is a four-bedroom of over 4,000 sq ft saleable area.
- The clock is short: pre-bid meeting 24 July, earnest money deposit by 30 July, e-auction on 31 July.
- The project is reported as RERA registered, with completion expected in about two years and a construction-linked payment plan.
- The proceeds fund Delhi's ₹32,000 crore GPRA colony redevelopment, which is why a government builder is selling trophy flats at auction in the first place.
NEW DELHI, July 20, 2026. NBCC (India) Ltd, the state-owned construction major, will e-auction 262 ultra-luxury apartments in its flagship Avenue Towers project at Sarojini Nagar, near Chanakyapuri, HT reported today, citing sources. The floor price starts at over ₹15 crore per apartment, and the auction is expected to generate about ₹4,400 crore.
Chanakyapuri addresses do not come to market often, and almost never 262 at a time. The mechanism matters as much as the product here: these flats sell to the highest bidder, not the fastest form-filler, and the money is earmarked before it arrives.
The offer
Avenue Towers comprises 262 four-bedroom apartments across nine towers of G+10 storeys, with two to three apartments per floor, connected by skywalks. The project is designed as a self-sustainable green development: a 50,000 sq ft clubhouse, sky gardens, open-air gym, yoga deck, residents' lounge, pet park, tower-specific drop-off porches, and a floor-to-floor height of 3.22 metres, per the project brochure.
Three dates decide who gets in:
| Date | Step |
|---|---|
| 24 July 2026 | Pre-bid meeting |
| 30 July 2026 | Last date to submit the earnest money deposit (EMD) |
| 31 July 2026 | E-auction |
What ₹15 crore starts to buy
The apartments come in three configurations, and the carpet-versus-saleable gap is worth reading closely:
| Configuration | Saleable area | Carpet area | Carpet as % of saleable |
|---|---|---|---|
| A | ~4,200 sq ft | 2,518.35 sq ft | ~60% |
| B | ~4,300 sq ft | 2,552.68 sq ft | ~59% |
| C | ~4,700 sq ft | 2,597.78 sq ft | ~55% |
Each apartment comes with three dedicated car parking spaces.
Run the floor price through both denominators. ₹15 crore on 4,200 sq ft of saleable area is roughly ₹36,000 per sq ft. The same ₹15 crore on the 2,518 sq ft carpet of that configuration is roughly ₹59,600 per sq ft. Neither number is wrong; they measure different things, and a bidder should know which one they are comparing against other central Delhi projects, most of which quote on carpet or built-up differently.
How the auction works
The units go to the highest bidders. Payment is construction-linked: 2% at booking, 8% subsequently, 10% after three months, and stage-wise payments tied to construction milestones after that. The project is under construction, reported as already RERA registered, and expected to complete within about two years.
An e-auction changes the buyer's usual sequence. There is no negotiating after the hammer; the diligence has to happen before the bid, inside the short window between the auction notice and the EMD deadline.
Why a government builder is selling trophy flats
Avenue Towers is a funding instrument as much as a residential project. The proceeds finance the redevelopment of General Pool Residential Accommodation colonies in Sarojini Nagar, Netaji Nagar, Sriniwaspuri and Kasturba Nagar, without drawing on the exchequer.
The scale of the parent programme explains the ambition:
| The 7-colony GPRA redevelopment | |
|---|---|
| Estimated project cost | ₹32,000 crore |
| Old quarters being replaced | 12,970 |
| New dwelling units | 21,083 |
| Built-up area | From ~7.5 lakh sq m to ~46.5 lakh sq m |
| Works completed so far | ~₹15,000 crore |
| Raised through earlier e-auctions | ~₹22,000 crore, via commercial space at WTC Nauroji Nagar, Bharat Business Park and the Sarojini Nagar commercial complex |
The commercial e-auctions built the template. Avenue Towers extends it to ultra-luxury housing, and the ₹4,400 crore it is expected to raise would take the programme's self-funding well past its halfway mark.
What a bidder should check before 30 July
- The RERA registration itself. The project is reported as registered; pull the registration number and certificate on rera.delhi.gov.in and read the completion date and conditions before paying the EMD, not after.
- The auction terms against the brochure. Amenities and specifications bind through what is filed and contracted, not what is rendered.
- EMD and forfeiture terms. Know what happens to the deposit if you win and then hesitate.
- Which per-sq-ft number you are bidding on. Carpet runs 55 to 60% of saleable here; compare like with like against other central Delhi launches.
- The construction-linked schedule. The auction sets your price; the milestones set your cash flow for the next two years.
What RERA Tracker is tracking
- The auction result on 31 July: units cleared, and the premium over the ₹15 crore floor
- The registration details for Avenue Towers, which we will index when we obtain them
- Realised pricing against central Delhi's luxury benchmark
- GPRA programme milestones funded by these proceeds
We will update this article as the record develops.
About RERA Tracker
RERA Tracker is India's real estate intelligence platform, built on filed data rather than broker hearsay. We track 12,000-plus projects and have verified 5,000-plus builders, pulling actual RERA documents, price history, land records, developer track records and litigation into a single research desk, with deep NCR coverage and a growing footprint across other states.
An e-auction compresses everything this platform exists for into the days before the bid: the diligence happens up front or not at all. Reading the filing is the whole job.
This article is based on HT's report of 20 July 2026 (Vandana Ramnani), citing sources, and figures attributed to the project brochure. Auction dates, prices, configurations and programme numbers are as reported; the RERA registration is reported but its details were not yet on our index at the time of writing. For information only, not investment advice. Bidders should verify the registration on rera.delhi.gov.in and take independent counsel before participating.
