NBCC to Utilize Funds from Office Space Sale in Housing Colonies Redevelopment
NBCC is expected to make Rs 1,500 crore from sale of upscale office space in central and south Delhi in 2022-23. “Despite the pandemic, we have seen an encouraging response from the companies looking for office space in central Delhi,” said Alok Rastogi, Senior Executive Director at NBCC. “While the majority of the sales happened to PSUs, we are planning aggressive campaigns to attract private investors.” These funds will help in redevelopment of seven housing colonies in the city, he added. Out of the seven colonies, the government had assigned three – Nauroji Nagar, Netaji Nagar, and Sarojini Nagar – to NBCC. Space at World Trade Centre (WTC), which is coming up at South Delhi’s Nauroji Nagar as part of the government's redevelopment plan, is being auctioned regularly, and NBCC has so far earned Rs 4,416 crore by selling about 1.1 million sq ft, Rastogi said. WTC offers 3.4 million sq ft of saleable area including 12 commercial towers. “This financial year, we have already done a transaction of Rs 238 crore and are in talks for more transactions. As the project is nearing completion, we are getting more interest,” Rastogi said. NBCC is expected to hand over some towers for fit-outs by December and deliver the entire project by June next year. The commercial complex at Nauroji Nagar is energy efficient, using recycled and environmentally friendly building materials and equipment to effective use of water and sunlight, and incorporates all modern design features. In May 2020, NBCC had sold office space worth Rs 520 crore at the complex to two public sector companies. Pension Fund Regulatory and Development Authority (PFRDA) has taken 40,000 sq ft while National Internet Exchange of India (NIXI) had bought 12,000 sq ft. At the integrated business hub in Nauroji Nagar, there will be shops, food courts, business centres, and independent offices that can be reached directly from the airport, train, and metro stations, as well as from the airport, train, and metro stations. The project was on hold for 18 months following a stay order by the Delhi High Court. The court vacated the stay in February last year. NBCC had already sold nearly 340,000 sq ft of office space in two towers for Rs 1,400 crore before the stay. The total cost of the project to redevelop seven colonies is pegged at Rs 32,000 crore, of which around Rs 12,000 crore will be realised from the sale of the Nauroji Nagar project and another Rs 20,000 crore from Sarojini Nagar. In Nauroji Nagar, a commercial hub will be developed on 25 acres
Tags : NBCC Funds Office Space Sale Housing Colonies Redevelopment Pension Fund Regulatory and Development Authority (PFRDA) Pension Fund Regulatory and Development Authority (PFRDA)