Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

This public sector co believes in community living

Sep 01 2013, 10:35 IST
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SummaryNBCC re-develops prime plot in Delhi to offer housing, office space only for govt depts, more such projects on cards

When it comes to giving back to the community, one could take a lesson or two from the National Buildings Construction Corporation (NBCC). The public sector undertaking has come up with a re-development project that not only doubles the existing number of residential units on a 86-acre plot in East Kidwai Nagar in Delhi, but also creates a commercial area of around one million square feet to be made available for lease sale only to PSUs, government departments and ministries. No private parties invited!

Work on building high rises and commercial complexes on the plot, the first such large-scale re-development of a residential colony in Delhi in recent years, has started in full swing and is expected to be completed in four years at a cost of R4,000 crore.

“The reason why we did not offer private players for the lease sale is because the Cabinet said it would only be reserved for ministries and PSUs. Moreover,  as it’s lease sale, response from the private sector would not have been very good,” a senior NBCC official told FE.

Around 4,700 new houses in high-rise buildings (76 towers) in place of the existing 2,200 houses would be built on the plot.

As much as 10% of the total residential area would be available for lease sale to PSUs, while the rest would go to the government housing pool quota.

Around one million sq ft of office space and about 470 homes would be leased to state-run firms, government departments, committees, tribunals and other authorities for 30 years.

“The money from that would be used for building the accommodation and facilities for senior officials of ministries. The entire construction cost of the project would be covered through that. We will be charging market rate from the government departments,” the NBCC official added.

Earlier, too, the NBCC had sold a three-acre plot in the Diplomatic Enclave of Chanakyapuri to the Leela Group for R700 crore in 2007 and used the money to construct around 500 flats in New Moti Bagh.  

In more such initiatives, the government has planned another such complex in Ghitorni, in south-west Delhi on a 280-acre plot, which would be a residential and commercial hub with adequate green spaces.

The NBCC also has a contract to re-develop old government colonies such as Netaji Nagar, Kasturba Nagar near South Extension and Tyagraj Nagar, which would be developed on similar lines.

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