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In an exceptional real estate transaction, HDFC Bank has made a noteworthy acquisition, securing an entire tower consisting of ten floors, encompassing a generous 2,84,567 square feet of premium office space in the prestigious locale of Nauroji Nagar in South Delhi from State-run NBCC (India) Ltd. HDFC Bank completed the acquisition, valued at an impressive Rs 1,130 crore. This was NBCC’s 21st auction for the sale of commercial space in the World Trade Centre. Collectively, NBCC has effectively sold approximately 390,000 square feet of real estate, amounting to a substantial Rs 1,557.51 crore. This transaction is a significant milestone as it is the highest sale realization in a single auction since the launch of the WTC in New Delhi in 2017.
The total number of successful bidders was six, out of which five were private bidders and one government entity. Apart from HDFC, Petronet LNG has purchased 94,095 square feet space across three floors at Rs 37,161 per square feet, totalling a price consideration of Rs 373.81 crore
The present property is an integral component of the WTC complex in Nauroji Nagar, a part of the government's ambitious redevelopment initiative. The WTC complex is renowned for its frequent auctions, generating a substantial revenue of Rs 8,751.61 crore by selling around 2.17 million square feet of space. The WTC project covers 3.4 million square feet, across twelve commercial towers. Sources said that of the 12 towers in WTC, 10 towers have been sold. Only two full towers and a few units are now left for sale.
What sets WTC complex apart is its unwavering commitment to environmental sustainability and cost efficiency. It incorporates a wealth of modern design features, spanning the use of recycled and eco-friendly building materials and equipment, coupled with the effective harnessing of water and sunlight.
The Ministry of Housing and Urban Affairs (MoHUA), Government of India, has vested NBCC (India) Ltd., a Navratna PSU, as the implementing agency responsible for overseeing the comprehensive redevelopment of Nauroji Nagar, New Delhi. The NBCC has took up a sustainable funding model for this redevelopment, whereby amount generated through the sale of the commercial units will be utilised to redevelop residential colonies such as Sarojini Nagar, Netaji Nagar, Nauroji Nagar
In addition to its overarching responsibilities, NBCC is entrusted with the task of marketing the commercial space on a freehold basis. Prior transactions underscore the areas’ commercial appeal. NBCC already sold office space for Rs 520 crore to two public sector enterprises - the Pension Fund Regulatory and Development Authority (PFRDA) acquired 40,000 square feet, and the National Internet Exchange of India (NIXI) procured 12,000 square feet.
The forthcoming integrated business hub, located in Nauroji Nagar, promises a plethora of amenities. These include standalone offices boasting seamless connectivity to the airport, railway stations, and metro transit hubs. The complex is set to encompass retail outlets, food courts, and business centres, ensuring the delivery of a comprehensive and convenient business environment. The project faced an 18-month hiatus due to a legal stay order by the Delhi High Court, resolved in February 2021. Before the stay, NBCC had already sold nearly 340,000 square feet of office space across two towers for Rs 1,400 crore, showcasing its real estate expertise.
The government's redevelopment initiative covered seven housing colonies in Delhi, with three—Nauroji Nagar, Netaji Nagar, and Sarojini Nagar—entrusted to NBCC. The project is estimated at Rs 32,000 crore, with Rs 12,000 crore anticipated from the sale of Nauroji Nagar and Rs 20,000 crore from Sarojini Nagar. Notably, Nauroji Nagar is slated to have a 25-acre commercial hub, bolstering its standing in the ever-evolving real estate landscape.
HDFC Bank's acquisition of premium office space from NBCC marks a significant real estate transaction. With just a few units left for sale, NBCC’s WTC is definitely a success. The WTC complex's sustainable and modern design features, coupled with NBCC's role in the comprehensive redevelopment of Nauroji Nagar, reflect its commitment to a thriving and eco-friendly business environment.
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