NBCC Sells INR 2,251 Crore Worth of Commercial Space in New Delhi, Achieving Full Occupancy in Major Redevelopment Projects

Delhi:

State-run construction giant NBCC has successfully sold an additional 533,000 sq ft of commercial space across two major projects in New Delhi, generating over ₹2,251 crore. This recent sale marks a significant achievement for the company, as both the World Trade Centre project in Nauroji Nagar and the Sarojini Nagar Downtown project are now fully sold out.

Key Figures from the E-Auction

In a recently concluded e-auction, NBCC sold 181,000 sq ft of commercial space at the World Trade Centre in Nauroji Nagar for ₹908.48 crore. Additionally, the company sold another 352,000 sq ft at the Sarojini Nagar Downtown project for ₹1,343 crore. These sales contribute to a total of ₹14,800 crore generated by NBCC so far, which will be utilized to complete the redevelopment of seven colonies in Delhi.

Public and Private Sector Investments

The latest e-auction attracted interest from both public and private sector entities. Public sector units (PSUs) and government entities purchased approximately 121,000 sq ft of space valued at ₹596.25 crore, while private entities acquired 60,000 sq ft of space for ₹312.23 crore. Notably, the highest price fetched during the auction was ₹62,261 per sq ft, significantly above the reserve price of ₹37,161 per sq ft.

Total Commercial Space Sold and Redevelopment Projects

With this latest auction, NBCC has sold the entire 3.287 million sq ft of office space, valued at ₹13,408.7 crore. Of this, PSUs or government entities have purchased 2.3 million sq ft, worth ₹9,307.65 crore, while private entities have acquired 986,625 sq ft, valued at ₹4,101.07 crore. The World Trade Centre, one of the focal points of this redevelopment effort, is being transformed into a commercial hub with approximately 3.4 million sq ft of built-up area, replacing 628 old government employee quarters.

Project Details and Future Outlook

The World Trade Centre project, spread over 25 acres, will feature 12 towers, each with 10 floors, providing ample space for businesses to expand. Meanwhile, the Sarojini Nagar Downtown project includes 329 shops with a built-up area of 181,500 sq ft and 300 offices with a built-up area of approximately 184,400 sq ft. These projects are part of the government’s broader initiative to redevelop seven housing colonies in Delhi, with NBCC responsible for three—Nauroji Nagar, Netaji Nagar, and Sarojini Nagar.

Funding and Redevelopment

The redevelopment of these colonies is being funded through the revenue generated by NBCC from the sale of commercial space. In addition to the three colonies assigned to NBCC, the Central Public Works Department (CPWD) has been tasked with redeveloping four other colonies—Kasturba Nagar, Thyagraj Nagar, Srinivaspuri, and Mohammadpur. The funding for these projects is also being supported by NBCC’s commercial sales.

Summary:

• Total Sales: 533,000 sq ft of commercial space sold for ₹2,251 crore.
• World Trade Centre: 181,000 sq ft sold for ₹908.48 crore.
• Sarojini Nagar Downtown: 352,000 sq ft sold for ₹1,343 crore.
• Total Generated Funds: ₹14,800 crore for redevelopment of seven colonies.
• Public Sector Sales: 121,000 sq ft sold for ₹596.25 crore.
• Private Sector Sales: 60,000 sq ft sold for ₹312.23 crore.
• Highest Auction Price: ₹62,261 per sq ft, reserve price ₹37,161 per sq ft.
• Total Office Space Sold: 3.287 million sq ft valued at ₹13,408.7 crore.
• Government Purchases: 2.3 million sq ft, valued at ₹9,307.65 crore.
• Private Purchases: 986,625 sq ft, valued at ₹4,101.07 crore.