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Indian Real Estate News
NBCC to redevelop govt projects in 3 cities
Source: Business Standard Mar 12, 2014
After the much-talked makeover of government flats in Delhi's Moti Bagh, public sector company National Buildings Construction Corporation (NBCC) is looking outside the national capital.  NBCC is planning to redevelop at least three government housing projects worth Rs 5, 000-6, 000 crore in other parts of the country.

The company is also exploring opportunities in Africa and West Asia to expand its business.

It has signed an agreement for makeover of a government building in Bhubaneswar,  while pacts for another two projects - Kolkata and Bhopal - are expected to be signed shortly,  NBCC Chairman Anoop Kumar Mittal told Business Standard.

The old government housing structures will give way to high-rise buildings in the three cities to give it a contemporary look,  as well as make optimum utilisation of space.  

In Bhubaneswar,  NBCC will redevelop two government properties of 100 acres each.  It is still in discussions with the West Bengal and Madhya Pradesh governments for redevelopment of government properties with an area of 20-30 acres each and expects to sign final agreements by June.  

Currently,  NBCC is in the process of redeveloping flats in East Kidwai Nagar in Delhi.  Earlier,  it redeveloped Moti Bagh,  where high-rise apartments as well as commercial spaces have come up in the complex,  plus a club,  banquet halls and amphitheatre.  It has another three projects in Delhi – Netaji Nagar,  Tyagraj Nagar and Kasturba Nagar — in the pipeline,  estimated at Rs 10, 000-15, 000 crore.  NBCC also received board approval for opening offices in Muscat in West Asia and Botswana in Africa.  “We hope to get new orders from these countries within a year, ” Mittal said.  NBCC is already executing project management consultancy projects in Maldives.  

NBCC started as an EPC (engineering,  procurement and construction) company,  but in the past 10-15 years has forayed into project management consultancy and the real estate business. "Project management consultancy now contributes 80 per cent to our total revenues,  while the real estate segment contributes 15 per cent.  We expect revenues from real estate business to grow to 25 per cent in two-three years," Mittal said,  adding NBCC will soon be given a Navratna status.  

The PSU firm has properties at about 20 locations across the country.  Mostly,  it buys land from state governments,  local municipal bodies and other government related organisations.  

It is also building two residential projects in Gurgaon and plans to soon launch a high-end project in Faridabad.  Besides,  it has residential/commercial projects in Patna,  Alwar,  Lucknow,  Kolkata,  Kochi and Coimbatore.  

"The plan is to launch 5, 000 units in the next five years," Mittal said.  Currently,  the company's order book stands at Rs 20, 000 crore but does not include real estate orders,  as revenues get booked only after selling.

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