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 Moneycontrol.
NBCC recently sold almost 4 lakh square feet of office space in Nauroji Nagar, South Delhi, for Rs 1,557.51 crore in the 21st auction for the sale of commercial space in the World Trade Centre to six bidders, including HDFC Bank and Petronet LNG.
The company also has upcoming real estate projects across the country worth more than Rs 1,000 crore (approximately), the official said.
It recently signed a deal with the Kerala Housing Board for redevelopment works for approximately Rs 2,000 crore that are likely to be completed within the next three years, the official said. “We have been focusing on redevelopment of commercial and residential assets in Delhi so far. We now plan to target all metro cities.”
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The company has a ready-to-move-in project NBCC Square, Rajarhat, Kolkata, spread across 5 acres. The project has ground-plus-15 floors of commercial space spread across an area of 4,34,153 sq ft. The project also has one residential tower (ground plus 14 floors) with 3BHK units having a total area of 1,29,318 sq ft. It aiming for a revenue realisation of nearly Rs 200 crore (approximately) from the sale of balance commercial and residential units in this project by March 2024.
In Lucknow, there is a commercial complex located in Gomti Nagar Extension spread across an area of 1.79 acres. This complex consists of two blocks (ground plus four and ground plus six storeys) with a total saleable area of 1,56,838 sq ft. The company hopes to collect Rs 115 crore from the sales of balance inventory. This is a recently completed ready-to-move-in project, the official told Moneycontrol.
The company is also selling commercial space at NBCC Imperia in Bhubaneshwar. This project is spread across an area of 5.05 acres and the revenue realisation from this project is expected to touch Rs 290 crore from the sale of balance inventory. The said project is a ready-to -move-in complex.
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NBCC has three land parcels spread across an area of 5.11 acres in Jaipur. It plans to construct one residential and two commercial project at these land parcels and hopes to realise close to Rs 900 crore from the sale of inventory, the official said.
In Coimbatore, the company is coming up with a residential project over one acre of land parcel which is at a prime location in Krishnaswamy Nagar, Coimbatore. The project will consist of 100 dwelling units spread across an area of 1,70,000 sq ft worth Rs 110 crore sale value, the official said.
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