NBCC auctions office space at Nauroji Nagar at Rs 214 crore

Aastha Shah Oct 28, 2020 0

NBCC (India) Ltd has sold premium office space in South Delhi to the Pension Fund Regulatory and Development Authority (PFRDA) and the National Internet Exchange of India (NIXI) for Rs 214 crore in an auction.

Space was sold at the World Trade Centre (WTC) that is coming up at South Delhi’s NaurojiNagar as part of the government’s redevelopment plan. With this, NBCC has sold about 20% of the 675,000 sq ft commercial space worth Rs 2,754 crore. “The last e-auction was held on October 22 where PFRDA had taken 40,000 sq ft while NIXI purchased 12,000 sq ft,” said an official aware of the matter.

During the lockdown, NBCC sold office space worth Rs 520 crore to two public sector companies. Both PFRDA and NIXI confirmed the transaction to ET and said that this will be used as headquarters for the authorities.

The integrated business hub at Nauroji Nagar will have independent offices with direct connectivity from the airport, railway, and metro stations, retail outlets, food court, and business centers.

The project was on hold for 18 months. In February this year, the Delhi High Court vacated the stay on construction of a commercial hub. The WTC with 6 million sq ft of the built-up area including 12 commercial towers is part of NaurojiNagar redevelopment. NBCC has already sold nearly 340,000 sq ft office space in two towers for Rs 1,400 crore before the stay.

The government had announced the redevelopment of seven housing colonies in Delhi, of which three—Nauroji Nagar, Netaji Nagar, and Sarojini Nagar—were assigned to NBCC.

The total cost of the project is pegged at Rs 32,000 crore, of which around Rs 12,000 crore will be realized from the sale of the Nauroji Nagar project and another Rs 20,000 crore from Sarojini Nagar. In Nauroji Nagar, a commercial hub will be developed on 25 acres.


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