NBCC plans to sell off commercial, residential projects to raise Rs 600 crore
NBCC plans to sell off commercial, residential projects to raise Rs 600 crore
In the twenty-first auction for the sale of commercial space in the World Trade Center, NBCC recently sold over 4 lakh square feet of office space in Nauroji Nagar, South Delhi, to six bidders for Rs 1,557.51 crore.
State-owned construction company NBCC is planning to monetise some of its commercial and residential projects across the country to mop up anything close to Rs 600 crore by the end of 2024, a top official told maztro.
In the 21st auction for the sale of commercial space in the World Trade Center, NBCC recently sold over 4 lakh square feet of office space in Nauroji Nagar, South Delhi, to six bidders, including HDFC Bank and Petronet LNG, for Rs 1,557.51 crore.
According to the official, the company also has upcoming real estate projects worth more than Rs 1,000 crore (roughly) throughout the nation.
According to the official, it recently inked a contract worth about Rs 2,000 crore with the Kerala Housing Board for reconstruction activities that should be finished in the following three years. Thus far, our primary focus has been on the renovation of residential and commercial properties in Delhi. Our current goal is to target every major city.
The company’s NBCC Square project, located on five acres in Rajarhat, Kolkata, is ready for occupancy. The project’s 4,34,153 square feet of commercial space are distributed over ground plus fifteen stories. The project also includes a single residential tower with 14 stories above ground and 3BHK apartments totaling 1,29,318 square feet. By March 2024, it hopes to have realized roughly Rs 200 crore in revenue from the sale of the remaining residential and commercial units in this project.
A commercial complex of 1.79 acres is situated in Lucknow’s Gomti Nagar Extension. This complex has a total saleable area of 1,56,838 square feet and is made up of two blocks with ground plus four and ground plus six stories. The company’s target revenue from the sale of its remaining inventory is Rs 115 crore. The representative informed Moneycontrol that the project was just finished and was ready for occupancy.
Additionally, the business is offering commercial space for sale at Bhubaneshwar’s NBCC Imperia. This project occupies 5.05 acres, and it is anticipated that the sale of the remaining inventory will generate revenue of up to Rs 290 crore. This project is a complex that is ready for occupancy.
In Jaipur, NBCC owns three land lots totaling 5.11 acres. According to the official, it intends to build two commercial and one residential projects on these land lots and expects to make close to Rs 900 crore from the sale of inventories.
The company is developing a residential property on a one-acre plot of land in Krishnaswamy Nagar, Coimbatore, which is in a desirable position. According to the official, the project will have 100 residential apartments distributed over 1,70,000 square feet and have a sale value of Rs 110 crore.
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