NBCC to develop again govt projects in 3 cities
After much discussion of redevelopment of government flats in Delhi’s Moti Bagh, the public sector company, National Buildings Construction Corporation (NBCC) is focusing to rebuild at least three government housing projects worth Rs 5,000-6,000 crore in other parts of the country. The company is also searching the chances to expand its market in Africa and West Asia.
Anoop Kumar Mittal, Chairman of NBCC says that the company has signed an agreement for the redevelopment of a government building in Bhubaneswar and also focusing to acquire two projects in Kolkata and Bhopal.
The ancient government housing design will give a path to high rise buildings in the three cities to give it a modern look and make proper utilization of space. In Bhubaneswar, the company is planning to rebuild two government properties of 100 acres each. The discussion with the West Bengal and Madhya Pradesh governments is in progress for redevelopment of government properties with an area of 20-30 acres each and hopefully the final agreement will be signed till June.
NBCC Goes Abroad
These days, the company is focusing to rebuild flats in East Kidwai Nagar in Delhi. Before this project, the company redeveloped areas in Moti Bagh, where high-rise apartments as well as commercial spaces have come up in the complex, plus a club, banquet halls and amphitheatre has also been constructed. The company also has three projects in Delhi- Netaji Nagar, Tyagraj Nagar and Kasturba Nagar, the approximate cost of these projects is Rs 10,000-15,000 crore. NBCC also got approval for opening its branch in Muscat in West Asia and Botswana in Africa. Mr. Mittal says that the company is accepting new project from these counties within 12 months. The company is already implementing project management consultancy projects in Maldives.
NBCC begins as an EPC (engineering, procurement and construction) company, but in last 10 to 15 years, the company entered into project management consultancy and the real estate business. Mr. Mittal also mentioned that the Project management consultancy now provides 80 per cent to their total earning whereas the real estate sector provides 15 per cent in their total earning. He also added that the company will soon get Navratna status.
The PSU organization has properties at almost 20 locations. It purchases land from governments, local municipal bodies and other government related organizations. The company is also constructing two residential projects in Gurgaon and planning to launch a new project in Faridabad. Except this, company has residential/commercial projects in Patna, Alwar, Lucknow, Kolkata, Kochi and Coimbatore.
Mr. Mittal says that the company is planning to launch 5,000 units in the next five years.
Source: The Business Standard
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