NBCC To Get Two Sick PSU For Housing Project By Financial Year End

The land parcels have been approached for are of sizes ranging from 80 acres to 1,000 acres. NBCC is working on plans to develop townships, affordable and mid-income housing and commercial projects on these land parcels.

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NBCC To Get Two Sick PSU For Housing Project By Financial Year End

The state-owned project management consultancy firm NBCC (National Buildings Construction Corporation Limited) expects to get at least two land parcels of sick public sector undertakings (PSU) to start building housing projects thereon by the end of the current financial year, said Chairman & Managing Director.

The company is currently working on four-five such land parcels and expects one project each in Delhi-National Capital Region (NCR) and either Hyderabad or Kolkata to be kick-start by March.

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The land parcels have been approached for are of sizes ranging from 80 acres to 1,000 acres. NBCC is working on plans to develop townships, affordable and mid-income housing and commercial projects on these land parcels.

NBCC has already initiated discussions with many of 25 public sector undertakings to execute such housing projects on their surplus land parcels in locations that include Delhi, Gurgaon, Pune, Hyderabad, Nainital and Raigadh near Mumbai. These projects would include affordable, mid-income residential and commercial properties.

According to Chairman & Managing Director, crisis-hit realty developers Jaypee Infratech and Amrapali Group had approached the state-owned project management consultancy firm NBCC (India) to complete their stuck housing projects. NBCC, however, decided against the same given the ongoing litigation these companies are entangled in apart from land disputes and other issues.

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NBCC will also be developing over 40-acre land in Mumbai’s Wadala locality for the Ministry of Finance. This project would include offices and residential accommodations to be built for various departments of the ministry along with free-sale commercial and residential projects.

We expect to generate revenue worth Rs 8,000 crore through sale of a free-sale component and this amount will go towards the project’s construction cost, he said while adding that the free-sale residential project will have nearly 2,000 homes with 2, 3 and 4 bedroom configurations.

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In Mumbai, the company is also undertaking redevelopment of the Manora MLA hostel in South Mumbai’s Nariman Point business district. The state government has asked NBCC to construct the buildings and the design includes two buildings one 50-storey and another 32-storey tower to be constructed on a five-storey podium. A total of 373 flats are being constructed here with the configuration of 1,000 sq ft each.

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

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