NBCC may make Rs 1,500 crore from office space sale in Delhi in FY23 - ET RealEstate

Abstract

NBCC Ltd is expected to make Rs 1,500 crore from sale of upscale office space in central and south Delhi in 2022-23, a top official at the state-run construction company told ET."Despite the pandemic, we have seen an encouraging response from the companies looking for office space in central Delhi," said Alok Rastogi, senior executive director at NBCC. "While the majority of the sales happened to PSUs, we are planning aggressive campaigns to attract private investors." These funds will help in redevelopment of seven housing colonies in the city, he added. Out of the seven colonies, the government had assigned three - Nauroji Nagar, Netaji Nagar, and Sarojini Nagar - to NBCC. Space at World Trade Centre, which is coming up at South Delhi's Nauroji Nagar as part of the government's redevelopment plan, is being auctioned regularly, and NBCC has so far earned Rs 4,416 crore by selling about 1.1 million sq ft, Rastogi said. The commercial complex at Nauroji Nagar is energy efficient, using recycled and environmentally friendly building materials and equipment to effective use of water and sunlight, and incorporates all modern design features. At the integrated business hub in Nauroji Nagar, there will be shops, food courts, business centres, and independent offices that can be reached directly from the airport, train, and metro stations, as well as from the airport, train, and metro stations. NBCC had already sold nearly 340,000 sq ft of office space in two towers for Rs 1,400 crore before the stay. The total cost of the project to redevelop seven colonies is pegged at Rs 32,000 crore, of which around Rs 12,000 crore will be realised 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.