Introduction
State-owned listed construction company NBCC (India) Ltd. has acquired 2.05 lakhs of square feet of commercial space at the World Trade Center in Delhi for around Rs. 828 crores, the company said in its regulatory filing.
The company said it sold the commercial space at the World Trade Center (WTC) in South Delhi’s Naoroji Nagar in the 24th e-auction. Oil India Limited, National Building Construction Corporation (NBCC), and Hamdard Laboratories are among the major companies that bought space in this e-auction.
Sold Around 80 Percent
So far, the company has sold a total of 26 lakh square feet of commercial inventory in 24 e-auctions worth Rs. 10,600 crores. The real estate developer has successfully sold 80 percent of its commercial inventory so far.
“The project is fast-tracked with more than 95 percent physical progress. We are targeting to complete the sale of the project by March 2024. Many leading PSUs and MNCs have made the WTC their new address,” stated KP Mahadevaswamy, CMD, NBCC.
In the most recent auction, there were a total of six successful bidders. Of these, two are PSUs and four are private institutions. The total area sold is around Rs. 1.50 lakh sq ft, sold to PSU firms with a sale value of Rs 605 crore.
Redevelopment as a Commercial Hub
The World Trade Center replaced 628 old and dilapidated quarters with a commercial area of about 34 lakh square feet, redeveloped into a commercial hub. Located in Naoroji Nagar, WTC is close to major institutions, entertainment venues, and transport hubs like Ring Road, Metro Stations, Airports, and AIIMS.
There are 25 acres of land under the project. There are 12 towers of 10 floors each. The Ministry of Housing and Urban Affairs has appointed NBCC, a Navaratna company, as the implementing agency for the redevelopment of Naoroji Nagar, New Delhi.
NBCC has also been tasked with implementing government colonies at Sarojini Nagar and Netaji Nagar as part of the redevelopment of seven General Pool Residential Accommodation (GPRA) colonies in New Delhi.
Conclusion
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