National Buildings Construction Corporation : Build 10,000 Houses by 2018

State-run construction giant  National Buildings Construction Corporation (NBCC) recently said it plans to aggressively tap the real estate market and has set a target to build about 10,000 housing units by 2018, entailing an investment of nearly  Rs. 6,000 crore.

 Mr. Anoop Kumar Mittal , Chairman and Managing Director, NBCC said, "The firm has massive plans to aggressively tap the real estate market by launching projects across India. Our target is to build about 10,000 houses in the next 5 years. The total cost would come around Rs 6,000 crore"

Mr. Anoop Kumar Mittal also said the firm has procured 145 acres of land so far and these projects would not be costlier than market & there would be no uncertainty or hidden cost. During the current fiscal, we have planned to spend nearly Rs. 400 crore in the particular segment alone with an ambitious plan of spreading our real estate projects in every state". The NBCC will take up five projects in the current fiscal, of which 2 at Okhala and Alwar have been launched. The company plans to launch a project in Ghitorni for building 2,000 housing units, he said.

Apart from project in Ghitorni, Mittal said: "Recently, we have signed an MoU with CPWD to develop their 250 acres land in Ghitorni. We will develop 2 crore sq ft commercially exploitable residential and commercial area and sale and construction will be done by NBCC."

Elaborating, he said the construction cost of the project will be abour Rs 15,000 crore and 80% of the area will be for residential projects.

"We want to start construction in this financial year. Cabinet note is ready and generally it takes three months time for approval," he said adding some portion may be for sale to private parties also. Mittal added that in real estated, the company was doing re-development work as well and work has begun on East Kidwai Nagar project worth Rs 5,000 crore.

"This is self-sustainable on 15 lakh square frrt area," and booking for Rs 4,000 crore has already been made.

The project includes 400 houses which will be given on 30 years lease to government and PSUs.

"80% property has been booked on long lease," he said, adding, this is something unique given the real estate market condition.

                        

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