NBCC Avenue Towers Residential Project: A dispute over the cancellation of bids for 49 luxury flats in NBCC’s ‘Avenue Towers’ project in Sarojini Nagar, one of Delhi’s most upscale localities, has reached the High Court. The state-owned company is accused of selectively cancelling bids submitted by successful highest bidders. Taking cognisance of the matter, the High Court has issued a notice to NBCC.
What is happening behind the scenes in the auction of these luxury flats?
The National Buildings Construction Corporation (NBCC) faces allegations of manipulating the auction process for flats in its premium residential project, ‘Avenue Towers.’ Buyers claim that the bids of successful, highest-bidding participants have been cancelled in a selective manner. The auction was cancelled twice, and subsequently, 49 bids were voided, with ‘administrative reasons’ cited as the justification. Most surprisingly, the successful bidders—who had placed the highest offers for these specific flats—had already been officially declared.
Auction dates changed repeatedly, followed by the cancellation of 49 bids
In July, 262 residential units were put up for sale, with a reserve price set at ₹37,161 per square foot (based on the super built-up area). During the auction, one party placed bids for all 262 units, while another party bid for 70 to 80 flats. Very few applicants had bid for more than one flat.
Auction scheduled for August 19th cancelled
The NBCC abruptly cancelled the auction process that was scheduled for August 19th. The entire auction process was cancelled, citing administrative reasons.
On October 3, 2026, NBCC once again invited bids for 262 units. Suddenly, citing administrative reasons yet again, the auction for 17 of these flats was cancelled.
On October 28, NBCC once again cancelled the bids of the successful bidders—those who had placed the highest offers.
Buyers’ Questions
Buyers allege that the government-owned company is cancelling bids in an arbitrary manner. This selective and arbitrary decision by the PSU raises questions regarding the transparency and fairness of the entire process.
Buyers’ questions: Once the auction had taken place, bids had been submitted, and a list of successful bidders had been released, what was the basis for suddenly cancelling the bids? Why are the bids being cancelled in a “selective” manner?
Questions:
- Why was the auction cancelled repeatedly?
- How can an auction be cancelled when the bids were above the established reserve price?
- Why is no valid reason being provided for the cancellation of the auction?
High Court Reprimands NBCC
Following the cancellation of the bids, two or three buyers approached the Delhi High Court. Significantly, the Court has sought a response from NBCC. After hearing the buyers’ grievances, the Court issued a notice to the state-owned company, directing it to file a response regarding the matter within two weeks. The next hearing in this case is scheduled for January 12.
Each Flat Priced Over ₹15 Crore
Located in a prime area of Delhi, this premium-category project features flats priced at over ₹15 crore each. The development consists of 8 towers, with all units being 4-BHK apartments. The carpet area ranges between 2,518 and 2,598 square feet. A 50,000-square-foot clubhouse has been constructed, along with three covered car parking spaces. Spanning 8.89 acres, this residential project comprises 9 buildings and 262 units. The 10-story buildings feature a wide range of luxury amenities.
