"The total project includes construction of 12 commercial towers out of which one has already been booked. Two more towers will be auctioned next week and the remaining in phases," Anoop Kumar Mittal, CMD, NBCC said, "We expect to raise Rs 12,000 crore through the entire exercise."
HDFC, SIDBI, Hindustan Petroleum (HPCL) and Power Finance Corp (PFC) have already booked an upcoming 10-floor commercial tower at Nauraji Nagar for Rs 1,100 crore.
Each has bought the property at about Rs 38,000/sq ft, much higher than prices ruling in Connaught Place, the capital’s premier real estate strip.
NBCC is a 75% government owned listed company executing this redevelopment. The company’s mandate is to raise capital for its redevelopment projects commercially.
The proceedings from this eauction will go towards redevelopment of government colonies in Delhi, including high rise residential towers for government staffers at the existing colonies.
The project is expected to be ready in four years.
"It's a unique redevelopment model where we undertake revamp of a government colony and unlock the value of the land bank by going vertical. The funds are raised through commercial exploitation," he said.
The total available government colony land bank in Delhi can potentially raise Rs 50,000 crore through commercial exploitation. The funds left after redevelopment would go to the government.
The government decided to rebuild seven housing colonies to double the existing housing units from 12,970 units to 25,667 at a total cost of Rs 32,835 crores last year. NBCC would be developing four colonies in Sarojini Nagar, Netaji Nagar, Nauroji Nagar.
Source: Magicbricks
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