NBCC Sells Office and Commercial Spaces Valued at ~₹14,800 Crore

On August 29, 2024, NBCC (India) Limited announced a significant milestone in its real estate endeavours: the complete sale of 100% of the office space inventory at World Trade Center (WTC) Nauroji Nagar, New Delhi, and the full sale of retail and commercial space at Downtown Sarojini Nagar, New Delhi.

World Trade Center, Nauroji Nagar, New Delhi

The company stated that in its 27th e-auction, NBCC successfully sold the remaining 1.81 lakh square feet of commercial space at the WTC Nauroji Nagar for a total of ₹908.48 crore. Of this, approximately 1.21 lakh square feet, valued at ₹596.25 crore, was sold to public sector undertakings (PSUs) and government entities, while 0.60 lakh square feet, valued at ₹312.23 crore, was acquired by private entities.

The highest bid reached ₹62,261 per square foot, significantly surpassing the reserve price of ₹37,161 per square foot. This sale marks the complete sellout of the WTC office space, totalling 32.87 lakh square feet, valued at ₹13,408.7 crore. Notably, PSUs and government entities purchased 23 lakh square feet, valued at ₹9,307.65 crore, while private buyers acquired 9.86 lakh square feet, valued at ₹4,101.07 crore.

The WTC Nauroji Nagar, redeveloped on a 25-acre land parcel, features 12 towers with 10 floors each, offering approximately 34 lakh square feet of commercial space. The centre is equipped with 124 high-speed elevators, energy-efficient lighting, integrated security systems, and advanced infrastructure, including a central vacuum cleaning system, garbage chute system, and CCTV coverage.

Emphasising sustainability, the WTC incorporates green building practices, including 800 KW solar panels, rainwater harvesting pits, and efficient water management systems. The project also features a double-glazed façade system for insulation, energy-efficient lighting, and a zero-waste discharge concept. The centre provides ample parking for 8,000 vehicles, modern amenities, and landscaped green spaces, creating a productive and sustainable work environment. The project employed around 3,000 workers and generated over 2.5 million man-days during its execution.

Downtown Sarojini Nagar

NBCC also celebrated the 100% sale of its Downtown Sarojini Nagar commercial space. Through a bulk sale, the company sold the remaining 3.52 lakh square feet of commercial inventory, valued at ₹1,343 crore. This sale completes the entire inventory of 3.64 lakh square feet, valued at approximately ₹1,391 crore.

The Downtown project includes 329 shops and 300 offices, with facilities spread across four basement levels and eight additional floors. The development is designed to cater to modern businesses with state-of-the-art office spaces, retail units, and premium amenities. The building features a landscaped atrium, open terraces, and a glazed entrance, enhancing the visual appeal and maximising daylight use.

The company also stated that it is willing to take on more redevelopment projects in collaboration with various government entities, aiming to optimise land use and generate potential revenue opportunities while contributing to the country’s development saga.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.