NBCC to soon come out with policy on stalled, new projects

By: | Published: November 2, 2018 2:23 AM

We have the capability and appetite for more such projects,” Mittal said, though he did not give any further details on the plan.

State-owned NBCC will soon come out with a policy to take up new or stalled real estate projects, where it would work as either a project management consultant, co-developer or a developer, the chairman and managing director of the company, AK Mittal, said.
“In a week’s time, we will come up with a proper plan on this. We want to explore and do business in this model,” Mittal told reporters. “We are open to take up other projects in the national interest. We have the capability and appetite for more such projects,” Mittal said, though he did not give any further details on the plan.

The decision to come up with such a plan comes after the Supreme Court asked NBCC to complete the incomplete projects of Amrapali group.
Mittal said NBCC will submit the detailed project planning (DPR) for Amrapali projects to the apex court by next week. “We have floated tenders for 10-11 projects out of 16, and remaining 5-6 will be out in a week’s time,” he said, adding that work will only start after the clearance from the apex court.
NBCC had earlier given a proposal for completion of 15 residential projects of Amrapali having 46,575 flats at an estimated cost of Rs 8,500 crore in six to 36 months.

To boost the government’s initiative, Housing For All, NBCC will develop affordable housing projects on lands of sick PSUs across the country. NBCC is working as a land management agency for 10 CPSEs.
“DPR is being worked out for 2-4 projects. These lands are very old. I think within 2 months 1-2 projects will get approval,” Mittal said.
Talking about the company, Mittal said the company’s order book currently stands at around Rs 80,000 crore.

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