NBCC sells 2 lakh sq ft commercial space in South Delhi for Rs 828 crore

New Delhi: NBCC (India) Ltd on Friday said it has sold 2.05 lakh square feet of commercial space in the World Trade Centre at Nauroji Nagar in the national capital for Rs 828 crore on behalf of the government.

In a regulatory filing, NBCC informed that the company conducted the 24th auction for the sale of commercial space in the World Trade Centre project on February 29 as a project management consultant (PMC) and marketing consultant on behalf of the Ministry of Housing and Urban Affairs.

PSU Watch is now on Whatsapp Channels. Click here to join

"The company has sold a total unsold commercial inventory of 2.05 lakh square feet (approx) having a sale value of Rs 827.78 crore, out of which 0.53 lakh sq. ft. area having a sale value of Rs 222.35 crore, has been sold to private entities," NBCC said.

Further, the company has so far sold a total unsold commercial inventory of 26.45 lakh square feet through an open e-auction having a sale value of Rs 10,675.6 crore.

In the auction held on Thursday, NBCC, Oil India Ltd and Hamdard Laboratories bought space in the World Trade Centre.

Out of the total area sold, around 1.50 lakh square feet, having a sale value of about Rs 605 crore, have been sold to PSU entities.

"The total number of successful bidders was six, out of which two were PSU bidders and four private entities," the company said.

"This success reflects the enduring appeal of the NBCC and WTC Nauroji Nagar, the project's strategic location, and its world-class facilities. The project is rapidly progressing towards completion with more than 95 per cent of physical progress achieved. We are aiming at the complete sale of this project by March 2024," K P Mahadevaswamy, Chairman and Managing Director of NBCC, said.

World Trade Centre, Nauroji Nagar has about 34 lakh square feet of commercial built up area, which is being constructed in place of 628 numbers of old/dilapidated quarters.

The Ministry of Housing and Urban Affairs has appointed NBCC, a Navratna company, as the implementing agency for the redevelopment of Nauroji Nagar, New Delhi. NBCC is authorised to market the commercial space on a freehold basis.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)