Wednesday, June 20, 2018

NBCC to get sick PSU’s land parcels for housing projects by March: Report

NBCC hopes to get at least two land parcels of sick public sector undertakings (PSU) to start building housing projects thereon by the end of current financial year, said Chairman & Managing Director Anoop Kumar Mittal.
The The state-owned project management consultancy firm 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 start by March.
“The land parcels we have been approached for are of sizes ranging from...
80 acres to 1,000 acres. We are working on plans to develop townships, affordable and mid-income housing and commercial projects on these land parcels,” Mittal said.
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.
The company is looking to acquire two public sector companies engaged into construction related businesses by the end of second quarter of the current financial year, Mittal said. The company will be financing these acquisitions through its internal accruals. Last year, the company acquired 51% stake in Hindustan Steel Works Construction Ltd (HSCL).
Currently, NBCC’s order book stands at Rs 80,000 crore and this is expected to rise to Rs 100,000 crore following these two acquisitions. Mittal expects the company’s order book to increase at 35% compounded annual growth rate (CAGR)
According to Mittal, 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.
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 free-sale component and this amount will go towards the project’s construction cost,” Mittal said while adding that the free-sale residential project will have nearly 2,000 homes with 2, 3 and 4 bedroom configurations.
In Mumbai, the PSU 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 other 32-storey tower to be constructed on a five-storey podium. A total of 373 flats are being constructed here with configuration of 1,000 sq ft each.

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