World-class trading center to come up at at Nauroji Nagar soon
The national Capital will have a state-of-the-art World Trade Center soon. The Ministry of Housing and Urban Affairs (HUA)’s engineering and construction wing National Buildings Construction Corporation (NBCC) will construct a ‘world trade center’ at Nauroji Nagar. The NBCC has obtained a licence to develop a commercial project at Nauroji Nagar as ‘World Trade Center’. In this complex, there are 12 commercial towers, spanning over 3 million sq ft area. This project is expected to be completed by 2020. This has announced by NBCC’s Chairman and Managing Director Anoop Kumar Mittal on Wednesday.
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. The per sq ft rate at which this commercial tower has been sold is even higher than the price of office space in Connaught Place, the heart of the national Capital.
“We have got the licence from WTC, New York recently to develop the Nauroji Nagar commercial hub as World Trade Center (WTC). The World Trade Centers Association (WTCA) has given licences for the development of 21 World Trade Centers in the country. Redevelopment of Nauroji Nagar has been approved by WTCA for World Trade Center license in June 2017,” “NBCC’s Chairman and Managing Director Anoop Kumar Mittal said. The company expects a realization of about Rs 12,000-13,000 crore from sale of these 12 towers. “Revenue generation for all the seven colonies developed in Delhi is being done by NBCC and the total generation is pegged at over Rs 32,000 crore,” he said.
“The construction of world trade center is the part of the redevelopment plan of Nauroji Nagar area,” he said. The Government has decided to redevelop seven colonies in New Delhi. All these are Government employees’ colonies located in Sarojini Nagar, Netaji Nagar, Nauroji Nagar, Tyagraj Nagar, Srinivaspuri, Kasturba Nagar and Mohammadpur.
So construction cost for all these colonies will be Rs 32,000 crore and out of that Rs 25,000 crore worth of works will be executed by NBCC and Central Public Works Department (CPWD) will execute the remaining projects, which are smaller in size, worth Rs 7,000 crore. NBCC will execute the Nauroji Nagar, Sarojini Nagar and Netaji Nagar projects. The model followed here is Government will not invest any money and there will not be any budgetary support for construction of these projects. NBCC will generate this money (Rs 32,000 crore) by selling a part of the property in Sarojini Nagar and Nauroji Nagar. First, NBCC’s business is for Rs 25,000 crore on which we will get 8 per cent project management charges. At present five WTCs are operational at Mumbai, Bengaluru, Pune, Noida and Kochi. Mittal said the company would soon put on sale more commercial towers in this project.
The WTCA stimulates trade and investment opportunities for commercial property developers, economic development agencies, and businesses looking to connect globally and prosper locally. There are over 300 world trade centers spread in 90 countries. 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.
– By SS Nagar