New Delhi: HDFC Bank has bought 284,567 sq ft of premium office space in south Delhi’s Nauroji The integrated business Nagar for 1,130 crore from state- run NBCC (India) Ltd..
NBCC has, in total, sold about 390,000 sq ft for 1,557.51 crore. The company said it intends to use the funds for the construction of seven colonies of Delhi.
This is the highest sale realisation in a single auction since the launch of World Trade Centre (WTC), New Delhi in 2017.
The space at WTC that is coming up in Nauroji Nagar as part of the government’s redevelopment plan is being auctioned regularly and NBCC has so far earned -8,751.61 crore by selling about 2.17 million sq ft.
WTC, which offers 3.4 million sq ft of saleable area including 12 commercial towers, is part of Nauroji Nagar redevelopment.
Earlier, the Pension Fund Regulatory and Development Authority (PFRDA) had taken 40,000 sq ft at the WTC while the National Internet Exchange of India (NIXI) had bought 12,000 sq ft. In May 2020, NBCC had sold office space worth 520 crore to two PSUs.
The integrated business hub at Nauroji Nagar was on hold for 18 months following a stay order by the Delhi High Court. The court vacated the stay in February 2021. NBCC had already sold nearly 340,000 sq ft of office space in two towers for 1,400 crore before the stay. The government had announced 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 32,000 crore, of which around 12,000 crore will be realised from the sale of Nauroji Nagar project and another 20,000 crore from Sarojini Na- gar. In Nauroji Nagar, a commercial hub will be developed in 25 acres.
Source- The Economic Times