NBCC (India) has sold a premium office space in South Delhi to the Telecom Regulatory Authority of India (TRAI), the Central Electricity Regulatory Commission (CERC) and the National Informatics Centre Services Inc (NICSI) and one other government entity for Rs 936 crore in an auction.
The office 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 (India) has sold 9,09,520 sq ft commercial space worth Rs 3,691 crore at WTC Nauroji Nagar since 2018. While the majority of the sale happened in February and March 2021, it has sold another 13,000 sq ft in June 2021 after the second wave.
Earlier, the Pension Fund Regulatory and Development Authority (PFRDA) had bought 40,000 sq ft while the National Internet Exchange of India (NIXI) had taken up 12,000 sq ft.
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 and it vacated the stay in February 2021. The WTC, which offers six million sq ft of built up area including 12 commercial towers, is part of Nauroji Nagar redevelopment.
NBCC (India) had already sold nearly 3,40,000 sq ft 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 Nauroji Nagar, Netaji Nagar and Sarojini Nagar were assigned to the company.
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 acre.