1 Lakh Affordable Homes To Be Built By NBCC Over Next 5 Years

These affordable housing projects would offer residential apartments with prices starting from Rs 10 lakh going up to Rs 50 lakh to Rs 60 lakh depending on the location of the project.

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1 Lakh Affordable Homes To Be Built By NBCC Over Next 5 Years

National Buildings Construction Corporation (NBCC) a state-owned project management consultancy firm is planning to build more than 1 lakh affordable homes on its own land parcels, plots owned by the government and public sector undertakings, said a top company official.

NBCC is looking to build these homes over the next five years to support the government’s stated objective of Housing for All by 2022. This would entail a cost of Rs 10,000 crore, which will be shared between all the stakeholders, said, chairman of NBCC. Some of these projects would start this year itself.

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These affordable housing projects would offer residential apartments with prices starting from Rs 10 lakh going up to Rs 50 lakh to Rs 60 lakh depending on the location of the project. NBCC is expected to make a profit margin of around 8-10% through these projects.

NBCC itself has over 200 acres of land parcels across the country in cities such as Alwar, Jaipur, Faridabad, Kochi, Patna, Kolkata, Bhubaneswar and Coimbatore that would be utilized to build these houses apart from land to be allotted by the government.

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In addition to this, the company has initiated discussions with many of 25 public sector undertakings to execute such affordable housing projects on their surplus land parcels in locations that include Delhi, Gurgaon, Pune, Hyderabad, Nainital and Raigadh near Mumbai.

The agreement to be entered with public sector undertakings for their land would entail some commercial development that can support the construction of affordable homes at that location and make that financially feasible.

Read Also: Home To Affordable Housing In India, NCR: Anarock Report

The government’s efforts to enhance the supply of affordable housing units by offering tax incentives and sops to realty developers have now started yielding results. More developers and bigger brands, hitherto known for their premium projects, have also forayed into this segment while existing players are scaling up their plans. This is evident from the remarkable rise in the number of affordable housing projects that have been launched over the past year.

There’s a gap of around 18 million urban housing units in the low and mid-income category by 2022 across tier 1, 2 and 3 cities across the country, according to various estimates.

Source Link- https://economictimes.indiatimes.com/.

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