State-owned construction firm NBCC Ltd today said it has auctioned office space in an upcoming commercial tower at Nauroji Nagar in the national capital for Rs 1,100 crore.
State-owned construction firm NBCC Ltd today said it has auctioned office space in an upcoming commercial tower at Nauroji Nagar in the national capital for Rs 1,100 crore. The government had engaged NBCC as the implementing and marketing agency for re-development of three General Pool Residential Accommodation (GPRA) colonies — Nauroji Nagar, Netaji Nagar and Sarojini Nagar on sustainable finance model. “NBCC has successfully launched and e-auctioned upcoming commercial and office space in one tower (having 10 floors) of 2.83 lakh sq ft super built up area at Nauroji Nagar which would inflow Rs 1,100 crore in stages as per agreement,” the company said in a filing to the BSE.
In October 2015, Godrej Properties had sold 4.35 lakh sq ft in a commercial project at BKC, Mumbai, to healthcare major Abbott for about Rs 1,480 crore, making it one of the largest office space deals. NBCC had authorised state-owned MSTC Ltd for conducting e-auction to sell freehold office space in this tower. The e-auction was conducted on May 30. There are total 12 towers in this project providing more than 30 lakh sq ft of prime commercial office space. To boost supply of government accommodation in Delhi, the Centre had last year decided to rebuild seven housing colonies to double the existing housing units from 12,970 to 25,667 units at a total cost of Rs 32,835 crore.
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The Union Cabinet had approved the redevelopment of seven old GPRA colonies — Sarojini Nagar, Nauroji Nagar, Netaji Nagar, Kasturba Nagar, Thyagraj Nagar, Sriniwaspuri and Mohammadpur in Delhi. NBCC, which is under the administrative control of the Ministry of Urban Development, is present in three main segments — Project Management Consultancy (PMC), Real Estate Development and EPC Contracting.