NBCC sells 2 lakh sq ft commercial space in South Delhi’s World Trade Centre for ₹828 crore

The government’s construction arm NBCC

The government’s construction arm NBCC (India) Ltd has sold 2.05 lakh sq ft of commercial space for approximately ₹827.78 crore in the World Trade Centre project at Nauroji Nagar, New Delhi, on behalf of the government, the company said in a regulatory filing on March 1, 2024.

With this e-auction, the company has successfully sold around 80% commercial inventory till date.

The company conducted the 24th auction for the sale of commercial space in the World Trade Centre project on February 29 as a project management consultant (PMC) and marketing consultant on behalf of the Ministry of Housing and Urban Affairs, NBCC said.

“The company has sold a total unsold commercial inventory of 2.05 lakh square feet (approximately) having a sale value of ₹827.78 crore, out of which 0.53 lakh sq. ft. area having a sale value of ₹222.35 crore, has been sold to private entities,” NBCC said in a regulatory filing.

Further, the company has so far sold a total unsold commercial inventory of 26.45 lakh square feet through an open e-auction having a sale value of ₹10,675.6 crore, it said.

The major corporations who have bought space in this e-auction include NBCC, Oil India Limited and Hamdard Laboratories, NBCC said in a statement.

Out of the total area sold, around 1.50 lakh square feet having sale value of approximately ₹605 crore has been sold to PSU entities. The total numbers of successful bidders were six, out of which two were PSU bidders and four private entities, the company said.

The sale marks a significant milestone for the company and demonstrates the exceptional demand for premium commercial space in India’s capital, it said.

“This success reflects the enduring appeal of the NBCC and WTC Nauroji Nagar, the project’s strategic location, and its world-class facilities. The project is rapidly progressing towards completion with more than 95 per cent of physical progress achieved. We are aiming at complete sale of this project by March 2024,” said K.P. Mahadevaswamy, CMD, NBCC.

World Trade Centre is a redevelopment project that has been redeveloped as a commercial centre having approximately 34 lakh square feet of commercial built-up area. It is being constructed in place of 628 numbers of old/dilapidated quarters. Many prominent corporates have invested in WTC including HDFC, GAIL, Petronet LNG among others. Recently, HDFC bought a full tower valuing ₹1,130 crore.

The Ministry of Housing and Urban Affairs has appointed NBCC, a Navratna company, as the implementing agency for the redevelopment of Nauroji Nagar, New Delhi. NBCC is authorised to market the commercial space on a freehold basis.

The project encompasses 25 acres of land and features 12 towers, each with 10 floors. The Ministry of Housing and Urban Affairs has appointed NBCC, a Navratna company, as the implementing agency for the redevelopment of Nauroji Nagar, New Delhi.

NBCC is authorized to market the commercial space on a freehold basis.

As a part of the redevelopment of seven General Pool Residential Accommodation (GPRA) colonies in New Delhi, NBCC has also been tasked with the execution of government colonies at Sarojini Nagar and Netaji Nagar.

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