NBCC Sold Office Space worth Rs 936 Cr at Upcoming WTC in Delhi

State-run NBCC (India) Ltd has sold premium office space in South Delhi to the Telecom Regulatory Authority of India (Trai), Central Electricity Regulatory Commission (CERC) and National Informatics Centre Services Inc (NICSI) and one other government entity for Rs 93

BY Realty Plus
Published - Monday, 12 Jul, 2021

NBCC Sold Office Space worth Rs 936 Cr at Upcoming WTC in Delhi

State-run NBCC (India) Ltd has sold premium office space in South Delhi to the Telecom Regulatory Authority of India (Trai), Central Electricity Regulatory Commission (CERC) and National Informatics Centre Services Inc (NICSI) and one other government entity for Rs 936 crore in an auction. The space was sold at the World Trade Centre (WTC) that is coming up at South Delhi’s Nauroji Nagar as part of the government’s redevelopment plan. With this, NBCC has sold 909,520 sq ft of commercial space worth Rs 3,691 crore at WTC Nauroji Nagar since 2018. While the majority of the sale happened in February and March, we have sold another 13,000 sq ft in June after the second wave. Earlier, Pension Fund Regulatory and Development Authority (PFRDA) had taken 40,000 sq ft while National Internet Exchange of India (NIXI) had bought 12,000 sq ft. In May last year, NBCC had sold office space worth Rs 520 crore to two public sector companies. 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 this year. The WTC, which offers 6 million sq ft of built up area including 12 commercial towers, is part of Nauroji Nagar redevelopment. NBCC had already sold nearly 340,000 sq ft of office space in two towers for Rs 1,400 crore before the stay. 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.