NBCC to build 1 million affordable houses

NBCC to build 1 million affordable houses

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NBCC, PSU construction company, sees an ocean of opportunity in affordable housing and plans to develop affordable housing projects on the surplus land held by sick PSUs. Through such projects, NBCC aims to construct 10 lakh affordable houses over the next five years. The company plans to commence two housing projects by September and is also likely to submit close to 10 Detailed Project Reports (DPRs) over the next two months. The company is also hopeful of positive development on Dharavi redevelopment project front in Mumbai where final approval is awaited. Further, the company is eyeing lucrative projects like monetisation of the Port Trust land, redevelopment of railway stations, etc. Wadala redevelopment project in Mumbai is another proposal on which the company hopes to get some positive developments soon.

Further, on the back of heightened real estate monetization, execution of NBCCs redevelopment projects in Delhi is gathering steam. Till now, more than Rs 3000 crore has been monetized in Nauroji Nagar and the company expects to monetise Rs 4,000 crore in FY19. It should be noted that these projects have a deadline of 24 months.

NBCC, a Navratna PSU, develops realty projects on owned-land. Usually, the company invests its surplus cash generation to invest in buying land from the government agencies and presently has a land bank og 130 acres. The company also does Project Management Consultancy (PMC) work for projects awarded by various government arms and the company bags 80% of the PMC works on a nomination basis and the balance on a competitive bidding basis. Further, the company also provides EPC services for power projects