To be called Vasant Kunj Extension, the project will be implemented by the state-run National Building Construction Corporation (NBCC) on land owned by the Central Public Works Department (CPWD) in Ghitorni, as per a proposal NBCC has sent to the urban development ministry. The project cost, says NBCC, would be over R10,000 crore, which would be raised through commercial exploitation of around 30% of the land earmarked.
We have proposed that the 30% of the project area of 240 acres should be available for leasing out/outright sale to the government and private sector. The funds raised thus could be used for constructing the entire complex. A similar model is being followed for redevelopment of East Kidwai Nagar, Anoop Kumar Mittal, chairman-cum-managing director, NBCC, told FE.
NBCC is expecting to get premium prices for land to be put to commercial use, as it is located near the Ghitorni Metro station and falls strategically between the Gurgaon border and posh areas of south Delhi. The location is hardly 25 kilometres from the capitals heart Connaught Place and a 15 minutes drive from Indira Gandhi International Airport.
We are expecting that a lot of government agencies and corporates would like to book commercial space in the complex due to its good connectivity and upmarket location. Some flats would be kept for government housing quota and we have proposed the rest should be open to private parties for booking, Mittal added.
Once the government approves the NBCC proposal, the project would be developed within five to six years. This will be the largest township project, thrice the size of East Kidwai Nagar and twice the size of New Moti Bagh, near Chanakyapuri, to be undertaken in the capital in recent years.
NBCC is also in the process of rebuilding shabby government colonies in the capital. East Kidwai Nagar is being redeveloped at the cost of R4,000 crore, and plans to rebuild Kasturba Nagar, Netaji Nagar and Thyagraj Nagar are under progress. Money for these projects is being raised by leasing out commercial spaces and flats.