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All commercial space at WTC at Nauroji Nagar in south Delhi sold: NBCC
An overwhelming portion – 70% of the commercial area in the World Trade Centre – was sold to government bodies/PSUs
The entire commercial inventory of 3.4 million sq ft at the World Trade Centre (WTC) and another 364,000 sq ft at DownTown commercial space in south Delhi is sold, NBCC, a public sector unit under the Union ministry of housing and urban affairs (MoHUA), said on Thursday.
An overwhelming portion – 70% of the commercial area in the World Trade Centre – was sold to government bodies/PSUs. The sales from the two projects generated a total of ₹14,799.62 crore.
Vibhor Jain, managing director north, Cushman & Wakefield, a leading commercial real estate service provider, said PSUs have been more active in acquiring spaces like the WTC due to their business models favoring ownership. “In contrast, multinational corporations (MNCs) prefer leasing to avoid burdening their balance sheets. Additionally, private developers in prime locations often choose to retain their buildings as ongoing revenue sources, further limiting the availability of properties for sale. NBCC’s model, which focuses on selling, aligns well with the buying preferences of PSUs,” he said.
An NBCC official said all the space was sold through a round of auctions, in which both public and private players had participated. “The process did not impede private players, but since this is a prime land at the heart of the city, only bigger private players could compete,” the official said, adding that a private sector bank has bought one whole tower alone.
The WTC has been built to replace old, dilapidated central government quarters in Nauroji Nagar in a project site of about 25 acres. It features 12 towers, each with 10 floors, with the option to grow and expand. The DownTown project has been executed on a land parcel of 2.18 acres with a commercial built-up area of 377,000 sq ft 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 office space use.
At the e-auction of the WTC, which was held recently, 181,000 sq ft of commercial space was sold for ₹908.48 crore. Around 121,000 sq ft, with a sale value of approximately ₹596.25 crore, was sold to other PSU/government entities, and 60,000 sq ft, with a sale value of ₹312.23 crore, was sold to private entities, NBCC said in a statement.
“The highest price fetched in the 27th e-auction for a unit was ₹62,261/sq ft against the reserve price of ₹37,161/sq ft. This showcases the success of WTC, Nauroji Nagar a destination desired by many to base their enterprises,” the statement added.
Similarly, for DownTown, NBCC said it sold the remaining unsold commercial inventory of 352,000 sq ft, which has a sale value of approximately ₹1,343 crore, through bulk sale. Thus, the entire inventory of 364,000 sq ft, valuing approximately ₹1,391 crore, has been sold.
The project includes 329 shops with a built-up area of approximately 181,500 sq ft and 300 offices with an area of approximately 184,400 sq ft. The size of the shops ranges from 138 sq ft to 738 sq ft, while the office sizes range from 216 sq ft to 882 sq ft. This commercial project also includes a parking facility for approximately 675 vehicles.
Both projects were to be built on a self-sustainable basis as part of MoHUA’s seven General Pool Residential Accommodation Colonies redevelopment project approved by the union cabinet in July 2016. The funds for the entire redevelopment of all seven GPRA colonies are being generated through the sale of commercial space at Nauroji Nagar and Sarojini Nagar. While NBCC is re-developing Nauroji Nagar, Sarojini Nagar, and Netaji Nagar, the Central Public Works Department (CPWD, the construction arm of MoHUA) is executing the other four colonies— Kasturba Nagar, Thyagraj Nagar, Srinivaspuri and Mohammadpur.
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