The State-owned National Building Construction Corporation [NBCC] announced of receiving a green signal to develop the Nauroji Nagar project as WTC i.e. World Trade Centre. This will be a commercial project in the national capital city Delhi.
Also, the Government here focused on Sustainable finance model and thus appointed NBCC as implementing and marketing agency to carry out the redevelopment procedure of three colonies falling under this area which includes Nauroji Nagar, Netaji Nagar and the Sarojini Nagar. Anoop Kumar Mittal, the Chairman and Managing Director NBCC said that the corporation has received the license from WTC, New York to transform the Nauroji Nagar commercial hub into WTC.
The construction of this World Trade Centre is expected to be completed by 2020 and there are 12 commercial towers in this project which covers the 3 million sq. ft. area. The World Trade Centres Association [WTCA] gave license to develop 21 WTCs in India and five of them are currently operational in Mumbai, Bengaluru, Pune, Noida and Kochi. The National Building Construction Company [NBCC] has already sold 2 lakh Sq.ft. office spaces out of these 12 towers at Nauroji Nagar at a cost of Rs 1,100 crore to renowned companies like PFC, HDFC, HPCL, SIDBI and Energy Efficiency Services.
NBCC Managing Director also said that they are planning to sell more office spaces out of these 12 towers sometime soon.
The National Building Construction Corporation is expecting to realize nearly Rs 12,000- 13,000 crore by selling office spaces of these 12 towers. This realized amount will be used by NBCC to fulfill the construction cost of seven housing colonies in Delhi at over Rs 32,000 crores.
Earlier, the Union Government sanctioned redevelopment of seven old General Pool Residential Accommodation [GPRA] colonies that include – Sarojini Nagar, Nauroji Nagar, Netaji Nagar, Kasturba Nagar, Thyagraj Nagar, Sriniwaspuri and Mohammadpur in Delhi.
Mittal also stated that the company’s net profit rose by 23% in the last financial year to Rs 355 crore and turnover witnessed a growth of 8% jumping to nearly Rs 6,400 crore.
NBCC is administered by the Ministry of Housing and Urban Affairs, have three key roles to play which are Project Management Consultancy [PMC], Real Estate Development and EPC Contracting. On the other hand, the WTCA increases trade and investment opportunities for commercial property developers, economic development agencies, and offer business growth opportunity at an international level.