NBCC to take up 15% smart cities projects across India
huge supply. Going forward, if ever there is some improvement in prices, it will be due to the construction of the Metro link, even though breaching the ₹ 4,000 per sq ft mark looks to be difficult.
Also, if one were to compare this market with Crossings Republik, prices there are more or less stable (between ₹ 3,200 to ₹ 3,500) because no new supply is expected to come up in the area unlike Noida Extension where more units will come up because of increased FSI offered to builders. The adjoining Noida sectors of 75, 78 and 79 command prices of around ₹ 4,500 per sq ft to even ₹ 6,000 per sq ft because these projects are located in Noida and don’t have the Greater Noida tag. The premium is primarily for the location.
The National Buildings Construction Corporation Ltd (NBCC) plans to take up at least 15% of the smart cities projects to be undertaken by different states across the country.
NBCC will be an important contender for the smart cities projects across the country. It has already set up a dedicated in-house department to specifically attend to smart city initiatives.
“We have set up a dedicated five to six people team to hold discussions with different state governments on the smart cities scheme. We are hoping to get projects from at least 12 to 15 smart cities. We are targeting that at least 15% of the work should be taken up by NBCC going forward,” says A K Mittal, CMD, NBCC.
NBCC is currently redeveloping government flats in East Kidwai Nagar in Delhi and prior to this has redeveloped similar properties in the Moti Bagh area.
“NBCC’s expertise in redevelopment projects will come in handy. We can make do with this skill to execute redevelopment projects in smart cities across different states, exploit the sur- plus land available with them and redevelop their existing properties to generate money and implement the smart cities scheme,” he adds.
NBCC, a subsidiary of the urban development ministry, has registered a 15% growth in turnover from ₹ 4,038 crore to ₹ 4,633 crore in the 2014-15 fiscal.
It also plans to launch an e- commerce enabled portal to cater to real estate requirements of various government agencies, departments, public financial institutions and law enforcement agencies as part of the Digital India programme.
“We are working on a unique digital footprint and it will be launched shortly,” says Mittal.
With projects priced around 3,300 per sq ft, Greater Noida West holds out hope for first-time buyers
NBCC’s redevelopment project in East Kidwai Nagar, Delhi
A K Mittal, CMD, NBCC