HDFC buys office space from NBCC for Rs 1,130 crore; Petronet LNG has purchased 94,095 square feet space at Rs 37,161 per square feet, totalling a price consideration of Rs 373.81 crore, said sources

State-owned government construction arm NBCC said on October 27 that it has sold almost 4 lakh square feet of office space in Nauroji Nagar, South Delhi for Rs 1,557.51 crore in the 21st auction for the sale of commercial space in the World Trade Centre to six bidders that includes HDFC Bank and Petronet LNG.

Out of the total area sold,  2.97 lakh square feet having sale value of Rs 1,183.7 crore has been sold to private entities. The total number of successful bidders was six, out of which five were private bidders and one government entity.

“This is the highest sale realisation in a single auction since the launch of WTC, New Delhi in 2017,” the company said in a statement.

As of date, the company has sold a total commercial inventory of 21.7 lakh sq ft through an open e-auction having a sale value of Rs 8,751.61 crore, it said.

The company has sold a total unsold commercial inventory of 3.91 lakh sq. ft. (approx) having sale value of Rs 1,557.51 crore," said a statement by NBCC statement.

Ministry of Housing and Urban Affairs (MoHUA), Government of India has appointed NBCC (India) Ltd, a Navratna, Govt. of India Enterprise, as implementing agency for re-development of Nauroji Nagar, New Delhi. NBCC is authorized to market the commercial space on freehold basis.

Sources said that HDFC Bank has bought one complete tower comprising 10 floors and spread across an area of 2,84,567 square feet at Rs 37,161 per square feet, taking the total deal value to Rs 1,130.63 crore, sources said.

Petronet LNG has purchased 94,095 square feet space at Rs 37,161 per square feet, totalling a price consideration of Rs 373.81 crore, sources said, adding the firm has taken three floors.

Sources said that of the 12 towers in WTC, 10 towers have been sold. “Two full towers and a few units are now left,” sources told Moneycontrol.

NBCC said the reserve price was Rs 37,161 per sq feet. In this e-auction, the highest rate achieved was Rs 43,161 per sq ft.

“This is a self-sustaining model. The amount generated through the sale of the commercial units will be utilised to redevelop residential colonies such as Sarojini Nagar, Netaji Nagar, Nauroji Nagar,” sources added.