By Accommodation Times News Service
The National Buildings Construction Corporation (NBCC), the big construction giant said it plans aggressively to keep an eye on real estate market and has set a target to build 10,000 housing units by 2018 with an investment of about 6,000crore.
The company has massive plans to aggressively tap the real estate market by launching projects across the country. Our target is to build 10,000 houses in the next five years. The total cost would come around roughly Rs 6,000crore,” National Buildings Construction Corporation (NBCC) Chairman and Managing Director, Anoop Kumar Mittal told.
Mittal said the company has procured 145 acres of land so far and these projects would not be costlier than market and there would be no uncertainty or hidden cost. During the current fiscal, we have planned to spend about Rs 400crore in the particular segment alone with an ambitious plan of spreading our real estate projects in every state,” he said after the annual general meeting.
The company will take up five projects in the current fiscal. The company plans to launch a project in Ghitorni for building 2,000 housing units, he said.
“We want to start construction in this financial year. Cabinet note is ready and generally it takes three months time for approval,” he said adding some portion may be for sale to private parties also. Mittal added that in real estate, the company was doing re-development work as well and work has begun on East Kidwai Nagar project worth Rs 5,000crore. “This is self-sustainable on 1.5 million squ ft area,” and booking for Rs 4,000crore has already been made.
The project includes 400 houses which will be given on 30-years lease to government and PSUs.
“Eighty per cent property has been booked on long lease,” he said, adding, this is something unique given the real estate market condition.