News Services

nbcc: NBCC sells commercial space in Delhi’s Nauroji Nagar for Rs 905 cr


NBCC (India) Limited has sold 223,000 sq ft of commercial space in south Delhi’s Nauroji Nagar for Rs 905 crore to 13 different companies.

This was the 22nd auction for the sale of commercial space in the World Trade Centre, Nauroji Nagar, New Delhi.

Earlier, HDFC Bank had bought 284,567 sq ft of premium office space in south Delhi’s Nauroji Nagar for Rs 1,130 crore.

With this, the company has sold a total commercial inventory of 23.92 lakh sq ft through open e-auction having sale value of Rs 9656.62 crore.

Ministry of Housing and Urban Affairs (MoHUA), Government of India has appointed NBCC (India) Ltd, a Navratna, Govt. of India Enterprise, as implementing agency for re-development of Nauroji Nagar, New Delhi. NBCC is authorized to market the commercial space on freehold basis.

The company said it intends to use the funds for the construction of seven colonies of Delhi.The space at WTC that is coming up in Nauroji Nagar as part of the government’s redevelopment plan is being auctioned regularly.The WTC, which offers 3.4 million sq ft of saleable area including 12 commercial towers, is part of Nauroji Nagar redevelopment.

The integrated business hub at Nauroji Nagar will have independent offices with direct connectivity from airport, railway and metro stations, retail outlets, food courts and business centres.

The project was on hold for 18 months following a stay order by the Delhi High Court. The court vacated the stay in February 2021.

The government had announced redevelopment of seven housing colonies in Delhi, of which three—Nauroji Nagar, Netaji Nagar and Sarojini Nagar—were assigned to NBCC.

The total cost of the project is pegged at Rs 32,000 crore, of which around Rs 12,000 crore will be realised from the sale of Nauroji Nagar project and another Rs 20,000 crore from Sarojini Nagar. In Nauroji Nagar, a commercial hub will be developed in 25 acres.


Source link