NBCC (India) Limited, a public sector enterprise, has completed the sale of its entire commercial and retail inventory at two major redevelopment projects in Delhi: Downtown Sarojini Nagar and the World Trade Centre (WTC) Nauroji Nagar. The two projects located in close vicinity fetched a total of Rs 14,800 crore.
Through multiple auctions, NBCC successfully sold 32.88 lakh sqft of office space at the WTC, Nauroji Nagar, valued at Rs 13,408.7 crore, and 3.64 lakh sqft of commercial and retail space at Downtown Sarojini Nagar, valued at approximately Rs 1,391 crore.
These projects are part of the redevelopment initiative of government properties under a self-financing model. NBCC has been at the forefront of transforming old government housing into modern commercial and residential complexes, enhancing Delhi’s urban landscape.
At the World Trade Centre (WTC) Nauroji Nagar, the entire 32.88 lakh sqft of office space was sold. Around two-thirds of the total office space, 23 lakh sqft, was purchased by government entities and public sector undertakings (PSUs), contributing Rs 9,307.65 crore to the total sales. The remaining 9.87 lakh sqft was acquired by private buyers for Rs 4,101.07 crore.
In NBCC Downtown Sarojini Nagar, a commercial development spread over 2.18 acres with a built-up area of 3.77 lakh sqft, NBCC sold the entire 3.64 lakh sqft of commercial space for Rs 1,391 crore to Mansan Builders Pvt. Ltd. The project includes four levels of retail and five levels of office spaces, located adjacent to the bustling Sarojini Nagar Market and metro station, making it a highly attractive location for businesses.
During its 27th e-auction, NBCC sold an additional 1.81 lakh sqft of office space at the WTC Nauroji Nagar for Rs 908.48 crore, with the highest price per sqft reaching Rs 62,261, significantly surpassing the reserve price.
As part of the redevelopment model, outdated government quarters are being redeveloped into high-quality commercial spaces. The World Trade Centre at Nauroji Nagar replaces old government housing (628 dilapidated government staff quarters) with a state-of-the-art business hub, consisting of 12 towers spread across 25 acres, each featuring 10 floors of office space.
The Downtown Sarojini Nagar project is similarly significant, revitalizing a key area in Delhi with modern retail and office spaces.