NBCC Down Town was incorporated in 1960 as a wholly owned Government of India public sector undertaking (PSU) under the erstwhile Ministry of Works, Housing & Supply (MoWHS), which is now known as the Ministry of Housing and Urban Affairs (MoHUA).
In 2007, NBCC Down Town paid a dividend to the Government of India for the first time and since then, it has been paying a dividend every year. In the year 2008, the Department of Public Enterprises of the Ministry of Heavy Industries and Public Enterprises, through its office memorandum No. 9(8)/2008-GM dated 3 October 2008 accorded the approval of the Ministry of Housing and Urban Affairs upgrading NBCC from a Schedule "B" public sector enterprise to a Schedule "A" public sector enterprise. Subsequently, on 14 October 2008, the NBCC was granted Schedule "A" PSU status.