NBCC Sells 14 Lakh Sq Ft Commercial Space in South Delhi for ₹5,779 Crore
NBCC sells 14 lakh sq ft commercial space in South Delhi for ₹5,779 cr
Business Standard
Image: Business Standard
State-owned NBCC Ltd sold 14 lakh square feet of commercial space at Bharat Business Park in Sarojini Nagar, New Delhi, for ₹5,779 crore through an e-auction. The funds will support ongoing redevelopment projects under the Ministry of Housing and Urban Affairs.
- 01NBCC sold 14 lakh sq ft of commercial space for ₹5,779 crore.
- 02The average sale rate was ₹41,207 per sq ft, exceeding the reserve price by 5%.
- 03The auction attracted significant interest from multinational corporations and institutional buyers.
- 04Funds will be used for redevelopment projects in residential colonies.
- 05NBCC is involved in project management consultancy and real estate.
Advertisement
In-Article Ad
NBCC Ltd, a state-owned company, successfully auctioned 14 lakh square feet of commercial space at Bharat Business Park in Sarojini Nagar, New Delhi, for a total of ₹5,779 crore. The e-auction, which attracted strong interest from both domestic and international buyers, recorded an average sale rate of ₹41,207 per square foot, which is 5% higher than the reserve price. The proceeds from this sale will be directed towards financing ongoing redevelopment works and fulfilling financial commitments under the Ministry of Housing and Urban Affairs (MoHUA). NBCC has been actively developing and selling commercial spaces in South Delhi, utilizing the funds to support various urban redevelopment initiatives.
Advertisement
In-Article Ad
The successful auction will facilitate the redevelopment of residential colonies in South Delhi, potentially improving living conditions and urban infrastructure.
Advertisement
In-Article Ad
Reader Poll
Do you think the government should continue investing in commercial real estate development?
Connecting to poll...
Read the original article
Visit the source for the complete story.