NBCC to develop Nauroji Nagar project as ‘World Trade Centre’
New Delhi: State-owned NBCC today announced that it has got licence to develop a commercial project at Nauroji Nagar in the national capital as ‘World Trade Centre’.
The government has engaged construction firm NBCC as the implementing and marketing agency for redevelopment of three colonies – Nauroji Nagar, Netaji Nagar and Sarojini Nagar – here on sustainable finance model.
“We have got the licence from WTC, New York recently to develop the Nauroji Nagar commercial hub as World Trade Centre(WTC),” NBCC’s Chairman and Managing Director Anoop Kumar Mittal told reporters here.
In this complex, he said there are 12 commercial towers, spanning over 3 million sq ft area. This project is expected to be completed by 2020.
The World Trade Centres Association (WTCA) has given licences for the development of 21 WTCs in India. At present five WTCs are operational at Mumbai, Bengaluru, Pune, Noida and Kochi.
Of 12 towers, NBCC in June this year sold nearly 3 lakh sq ft office space in an upcoming commercial tower at Nauroji Nagar for Rs 1,100 crore to five companies – PFC, HDFC, HPCL, SIDBI and Energy Efficiency Services.
Mittal said the company would soon put on sale more commercial towers in this project.
The company expects a realisation of about Rs 12,000- 13,000 crore from sale of these 12 towers. The proceeds would be used to meet the construction cost of redevelopment of seven housing colonies in Delhi at over Rs 32,000 crore cost.
The Union Cabinet had approved the redevelopment of seven old General Pool Residential Accommodation (GPRA) colonies – Sarojini Nagar, Nauroji Nagar, Netaji Nagar, Kasturba Nagar, Thyagraj Nagar, Sriniwaspuri and Mohammadpur in Delhi.
Mittal said the company’s net profit rose 23 per cent last fiscal to Rs 355 crore while turnover increased 8 per cent to about Rs 6,400 crore.
NBCC, which is under the administrative control of Ministry of Housing and Urban Affairs, is present in three main segments – Project Management Consultancy (PMC), Real Estate Development and EPC Contracting.
The WTCA stimulates trade and investment opportunities for commercial property developers, economic development agencies, and businesses looking to connect globally and prosper locally.