Vice-President M Venkaiah Naidu laid the foundation stone for the World Trade Centre and a dozen commercial towers those will come up in Nauroji Nagar. The government expects to generate about Rs 12,000 crore from this project and another Rs 20,000 crore from sale of commercial space in Sarojini Nagar. This cumulative amount will be used for redevelopment of seven government colonies.
While National Buildings Construction Corporation (NBCC) will redevelop Sarojini Nagar, Nauroji Nagar and Netaji Nagar, central public works department (CPWD) will redevelop four other colonies in south Delhi. These are Mohammadpur, Srinivas Puri, Thyagraj Marg and Kasturba Nagar. The redevelopment of seven colonies will create supply of about 26,000 flats for government employees. Housing and urban affairs minister Hardeep Singh Puri said all efforts will be made to complete the project in two years.
NBCC chief A K Mittal said this will be first project where the agency building the residential, commercial and other facilities will maintain them for 30 years. Laying the foundation stone, Naidu said there is a greater need to develop green and energy-efficient solutions to meet growing needs of housing. There are huge challenges to be overcome if the country has to sustain a rapid economic growth of close to 7 or 7.5% per year on a continuous basis.
“At the same time, we must ensure that the development is sustainable by protecting our environment and resources,” he said.