The Indian government has successfully sold an impressive 4.8 lakh square feet of commercial real estate in South Delhi, fetching a substantial Rs 1,905 crore. This announcement was made on Wednesday by NBCC (India), a state-owned construction enterprise.
During the recently concluded 25th e-auction for commercial spaces held at the World Trade Centre (WTC) located in Nauroki Nagar, NBCC achieved remarkable sales realization, demonstrating the demand for commercial properties.
According to statements from the company, “The key public sector organizations that invested in this auction include Power Finance Corporation Ltd, Security Printing and Minting Corporation of India Ltd, and Solar Energy Corporation of India Ltd.” Out of the total area sold, approximately 4.38 lakh square feet, translating to around Rs 1,740 crore, was acquired by public sector units (PSUs).
Among the five winning bidders, there were two private companies along with three successful PSU participants, proving the blend of public and private interest in this commercial project.
Cumulatively, NBCC has realized over Rs 12,100 crore from a total of more than 30 lakh square feet of commercial space sold in the course of 25 e-auctions conducted thus far.
The World Trade Center stands out as a significant development, having garnered interest from high-profile buyers across various sectors. Currently, 94% of its physical construction is progressing swiftly toward completion. Notably, the WTC is being revamped to serve as a vibrant commercial hub, set to replace 628 older and dilapidated apartments with an expansive 34 lakh square feet of constructed commercial space.