NBCC sells entire office and commercial inventory at WTC and Downtown for Rs 14,800 crore

NBCC sells entire unsold office and commercial inventory at WTC and Downtown for Rs 14,800 crore

Public sector listed enterprise, NBCC (India) has sold 100 percent of the office and retail inventory worth approximately Rs 14,800 crore at its World Trade Centre (WTC) in Nauroji Nagar and Downtown in Sarojini Nagar in New Delhi.

NBCC, which is also known as National Building Construction Corporation, through multiple auctions has sold entire office space measuring 32.88 lakh sqft, valuing Rs 13,408.7 crore at WTC, Nauroji Nagar, New Delhi. Similarly, NBCC has successfully sold the entire commercial and retail inventory of 3.64 lakh sqft valuing approximately Rs 1,391 crore at Downtown in Sarojini Nagar.

According to NBCC, during the 27th e-auction on August 29, the company sold a total unsold inventory 1.81 lakh sqft of commercial space for Rs 908.48 crore at WTC. Through this e-auction, out of the total area sold, around 1.21 lakh sqft having sale value of approximately Rs 596.25 crore has been sold to PSU and government entities.

The highest price fetched in the 27th e-auction for a unit was Rs 62,261 per sqft against the reserve price of Rs 37,161 per sqft.

The sale marks a significant milestone for the company and demonstrates the demand for premium commercial space in the national capital. Out of 32.88 lakh sqft space, PSU and government entities bought 23 lakh sqft having sale value of Rs 9,307.65 crore and private entities bought 9.87 lakh sqft having sale value of Rs 4,101.07 crore, the company said.

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Ashish Mishra

Prinicipal Correspondent|moneycontrol

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World Trade Centre is redeveloped as a commercial centre, which is being constructed in place of 628 dilapidated quarters in Nauroji Nagar area along the ring road. The project encompasses about 25 acres of land and features 12 towers, each with 10 floors.

Also Read: NBCC (India) Consolidated March 2024 Net Sales at Rs 4,024.50 crore, up 44.25% Y-o-Y

Downtown has been executed on a land parcel of 2.18 acres in Sarojini Nagar, incorporating approximately 3,77,000 sqft of commercial built-up area, spread over four levels of basement and eight additional floors. The first four levels of the hub accommodate retail spaces and the top levels are for the official use, the company said.

Shares of NBCC (India) had surged 18 percent intraday on August 28, following the announcement that the company will consider a bonus issue.

Buoyed by the development, strong buying in the shares of NBCC lifted the stock to its 52-week high of Rs 209.75 on the BSE.