State-owned construction company NBCC has announced the successful sale of 2.05 lakh square feet of commercial space at the World Trade Centre (WTC) in Delhi for a staggering ₹828 crore. This sale, conducted on behalf of the Ministry of Housing and Urban Affairs, marks a significant milestone in the ongoing redevelopment project of the iconic landmark.
The auction, the 24th of its kind for the WTC project, saw participation from both public and private entities. Notably, public sector undertakings (PSUs) emerged as major buyers, acquiring roughly 150,000 square feet of space for a combined value of ₹605 crore. This strong interest from PSUs underscores the continued attractiveness of the WTC as a prime commercial hub in the national capital.
NBCC, acting as both project management consultant (PMC) and marketing consultant for the WTC redevelopment, played a pivotal role in facilitating the sale. The company has successfully sold over 2.6 million square feet of commercial space at the WTC through its online auction platform, generating revenue exceeding ₹10,600 crore. This translates to roughly 80% of the total available commercial space being sold, bringing the project closer to its completion target.
Speaking about the recent auction, NBCC Chairman and Managing Director KP Mahadevaswamy highlighted the project's near completion, with over 95% of the work already finalized. He expressed confidence in achieving the objective of selling the entirety of the available space by March 2024.
The WTC redevelopment project, situated in Nauroji Nagar, South Delhi, is transforming the landscape of the area. Envisioned as a premier commercial hub, it will boast approximately 3.4 million square feet of office space, replacing the previously existing 628 old homes. The strategic location, offering easy access to major roads, metro stations, airports, and the AIIMS hospital, further enhances the project's appeal.
The project, spanning across 25 acres, will comprise 12 buildings, each with ten floors. NBCC, a Navratna company under the government of India, is spearheading the redevelopment, contributing to the broader initiative of modernizing seven residential areas in New Delhi.
The successful sale of a significant portion of the WTC's commercial space signifies not only the project's progress but also the continued demand for premium office space in Delhi. With its strategic location, modern amenities, and proximity to key infrastructure, the WTC is poised to become a prominent address for businesses seeking a world-class work environment.