NBCC Hands Over Allotment Letter and Agreement to Sale to Russia's SBER India at Bharat Business Park
· Free Press Journal
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. Igor Shishkin, Deputy Managing Director, SBER India, at Corporate Headquarter, New Delhi in the presence of Dr. Suman Kumar, Director (Commercial), Anjeev Kumar Jain, Director (Finance), Dr. Vijay Choudhary, Senior Executive Director (Finance), NBCC and other senior officers from both organizations.
Sberbank, a leading global financial institution and the largest bank in Russia and Central and Eastern Europe, established its Indian branch in 2010 to create a strategic presence and support India-Russia trade.
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The two towers cover approximately 5.17 lakh sq ft of super built-up area having a sale value of more than ₹2,000 crore. SBER Bank secured them through a competitive e-auction in April 2026, making it the largest single buyer at the project.
Hub for India–Russia business cooperation
SBER India has announced plans to set up a Russian Business Center in New Delhi. The center will support Russian companies operating in India with banking, legal, tax and audit services. The bank's choice of Bharat Business Park reflects the growing appeal of Delhi's new-generation commercial districts to international institutions.
Strong demand from global and public sector buyers
In total, NBCC has successfully sold all the 8 towers spanning approximately 23.44 lakh sq ft, for about ₹10,000 crore. The project is expected to be completed in 2028.
Other buyers include leading public sector organizations such as IRCTC, Government e-Marketplace (GeM), BPCL, RVNL and National Land Monetization Corporation Ltd. and others.
Speaking on the occasion, Dr. KP Mahadevaswamy, CMD, NBCC, said, “SBER India's decision to make Bharat Business Park its home in Delhi is a strong endorsement of NBCC's execution capability and of Delhi as a destination for global business.”
Prime Minister Narendra Modi laid the foundation stone for the eight towers of Bharat Business Park on International Women's Day, 8 March 2026. The early sale of BBP, including SBER India's purchase, shall play an important role in funding the completion of 7 GPRA redevelopment project.