NBCC sells commercial properties worth Rs 14,800 cr in Delhi on behalf of govt

New Delhi: State-owned NBCC (India) Ltd on Thursday said it has completed the sale of commercial properties worth around Rs 14,800 crore in the national capital on behalf of the government.

In a regulatory filing, the company said it has completely sold office space inventory at World Trade Center (WTC) project in Nauroji Nagar. It has also sold 100 per cent retail and commercial space at Downtown Sarojini Nagar.

On behalf of the government, NBCC is re-developing Nauroji Nagar, Sarojini Nagar, and Netaji Nagar, while CPWD is executing the other four colonies -- Kasturba Nagar, Thyagraj Nagar, Srinivaspuri, and Mohammadpur.

The funds for the redevelopment of these seven colonies is being generated by NBCC through the sale of commercial space at Nauroji Nagar and Sarojini Nagar.

Elaborating more, NBCC said in the WTC project at Nauroji Nagar, it has sold a total unsold inventory 1.81 lakh sq ft of commercial space for Rs 908.48 crore during the 27th e-auction.

Of the total area sold, about 1.21 lakh sq ft area were sold for Rs 596.25 crore to PSU/government entities while 0.60 lakh sq ft having sale value of Rs 312.23 was sold to private entities.

The highest price fetched in the 27th e-auction for a unit was Rs 62,261 per sq ft against the reserve price of Rs 37,161/sq ft.

With this, NBCC has sold the entire 100 per cent office space of 32,87,567 sq ft, valuing Rs 13,408.7 crore. Of which, PSU/government entities bought 23,00,942 sq ft having sale value of Rs 9,307.65 crore and private entities bought 9,86,625 sq ft having a sale value of Rs 4,101.07 crore.

WTC is redeveloped as a commercial centre having about 34 lakh sq ft of commercial built-up area, which is being constructed in place of 628 numbers of old/ dilapidated quarters.

The project encompasses about 25 acres of land and features 12 towers, each with 10 floors.

In Downtown Sarojini Nagar, NBCC has also achieved the 100 per cent sale of commercial space.

Recently, through a bulk sale, NBCC sold the balance unsold commercial inventory of 3.52 lakh sq ft having a sale value of Rs 1,343 crore.

With this deal, the NBCC has successfully sold the entire inventory of 3.64 lakh sq ft worth about Rs 1,391 crore.

The project includes 329 shops having a built-up area of 1,81,500 sq ft and 300 offices having a built-up area of 1,84,400 sq ft.

NBCC said it is pioneering the work of redevelopment and is executing various projects on vacant/underutilised/unused land parcels and colonies in various parts of the country.

The company is into construction, real estate, and project management consultancy segments.