NBCC Hands Over Allotment Letter and Agreement to Sale to Russia's SBER India at Bharat Business Park
NBCC (India) Limited, a Navratna CPSE under the Ministry of Housing and Urban Affairs, on evening of September 23 handed over the Allotment Letter and Agreement to Sale document for two towers at its Bharat Business Park (BBP), Sarojini Nagar, to SBER India, in one of the largest purchase of Indian office space by a foreign bank. Dr. KP Mahadevaswamy, CMD, NBCC, handed over the documents to Mr.…
On September 23, NBCC (India) Limited transferred ownership of two towers at its Bharat Business Park to SBER India, a subsidiary of Russia's Sberbank. Dr. KP Mahadevaswamy, the CMD of NBCC, presented the documents to Mr. Igor Shishkin, Deputy Managing Director of SBER India. The towers, occupying around 5.17 lakh sq ft, were sold for over ₹2,000 crore.
SBER India obtained the towers through a competitive e-auction in April 2026, securing the largest single buyer position at the project. The bank plans to establish a Russian Business Center in New Delhi to cater to Russian companies operating in India, offering banking, legal, tax, and audit services. This acquisition showcases Delhi's emerging commercial district as an attractive destination for international institutions.
NBCC has already sold all eight towers, covering approximately 23.44 lakh sq ft, for about ₹10,000 crore. Other prominent buyers include IRCTC, GeM, BPCL, RVNL, and NLMCL. Dr. Mahadevaswamy praised SBER India's decision, highlighting NBCC's execution capabilities and Delhi's appeal to global business. The project's foundation stone was laid by Prime Minister Narendra Modi on International Women's Day in 2026.
The early sale of Bharat Business Park, including this SBER India purchase, will contribute to funding the completion of the 7 GPRA redevelopment project.
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