NBCC plans residential project in South Delhi
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At a time when real estate development in the capital has been hit by an acute land constraint, state-run NBCC (India) Ltd plans to monetise a 32-acre land tract in Ghitorni, south Delhi, through a residential project anticipated to produce more than Rs 9,000 crore in revenue, said an NBCC official.The Navratna public sector undertaking is expected to hire a consultant for the project and is likely to carry it out internally rather than delegate it to a third party.'It was an old land parcel, which was originally used for a brick kiln. It was lying vacant for quite some time and we are now preparing a detailed plan to monetise it,' said the NBCC official quoted above.Similarly, Delhi's iconic Birla Cotton Mills in KamlaNagar will be redeveloped into a premier residential-led mixed-use project of around 3 million sq ft in the heart of the capital.The demand for high-rise condominiums, once seen specifically in Gurugram and Noida, has now transcended to Delhi, with projects like DLF One Midtown, The Leela Sky Villas, Risland Sky Mansion, Kailasa by TARC and The Amaryllis by Unity Group setting standards for luxury vertical living.With Rs 5,000 crore profit expected from the Ghitorniproject, NBCC is expected to achieve Rs 25,000 crorein revenue by FY29, buoyed by its negotiations for redevelopment projects across the country.NBCC will follow the Delhi model, under which it sold 3.2 million sq ft of commercial space at the World Trade Center project in Nauroji Nagar and at SarojiniNagar Downtown, generating Rs 14,800 crore, to complete the redevelopment of seven colonies in Delhi.It is in talks with the governments of Goa, Telangana, Jammu & Kashmir and Kerala to take up more redevelopment projects.Recently, NBCC won redevelopment projects worth Rs10,000 crore from the Goa government, which will be taken up in phases. Under a self-sustainable model, these projects will be developed without any budgetary support from the state government.The company had reported Rs 8,900 crore in revenue in 2022-23 and Rs 10,666 crore in 2023-24. In 2024-25, it is expecting revenue of about Rs 12,000 crore.
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