Indian Government Quarters Up for Sale: ₹5,779 Crore E-Auction Sees Strong Participation
On March 8, a landmark e-auction took place after Prime Minister Narendra Modi laid the foundation stone for several infrastructure projects in the national capital. This significant move marks a significant step towards the redevelopment of the old government quarters.
Key Highlights:
- Seven GPRA (General Pool Residential Accommodation) projects will undergo redevelopment at Nauroji Nagar, Netaji Nagar, Sarojini Nagar, Mohammadpur, Sriniwaspuri, Kasturba Nagar, and Thyagaraj Nagar.
- The proceeds from the ₹5,779 crore e-auction will be used to finance the redevelopment works.
- Old government quarters in the DIZ area (Gole Market) and Andrews Ganj will be taken up for redevelopment under the same model.
Russian bank Sberbank was among the successful bidders, acquiring two out of the five towers in the e-auction, held by NBCC.
Project Details:
Bharat Business Park (BBP), the redevelopment project, is designed with a strong focus on energy efficiency and sustainability.
- Solar power systems will provide a reliable source of clean energy.
- Solar street lighting will illuminate the premises, minimizing carbon footprint.
- Energy-efficient chillers will optimize energy consumption.
- An intelligent Building Management System (BMS) will ensure efficient operations.
- A modular rainwater harvesting system will conserve water.
- Advanced energy monitoring and EV charging infrastructure will further enhance sustainability.
- A Sewerage Treatment Plant (STP) will ensure a safe and healthy environment.
The e-auction saw a strong participation and competitive bidding, with the average sale rate recorded at 5% above the reserve price.
“The strong participation and competitive bidding led to sell-out of inventory across multiple towers and floors, reaffirming the attractiveness of the project as a premium commercial destination in South Delhi,” said an NBCC official.