State-owned National Buildings Construction Corporation Ltd (NBCC) is coming up with affordable housing complexes in Uttar Pradesh, Gurgaon, Kolkata, Kochi and Patna.
The Mini Ratna PSU under the urban development ministry plans to build 7,000 houses each in Delhi-Saharanpur Highway, UP and Gurgaon. While the minimum price of a two-bedroom house will be Rs 7 lakh, the maximum can go up to Rs 14 to Rs 15 lakh.
NBCC has allotted 448 affordable houses in Rajarhat, Kolkata, where the price of a two-bedroom flat is Rs 14 lakh and a three-bedroom flat costs Rs 18 lakh. It will allot another 352 houses in the next phase of the project.
While the projects in Kochi and Patna are likely to be started in the next six months, the Gurgaon and UP projects are expected to be completed in the next two years.
“Affordable housing is the need of the day and the prices at which we are providing houses are very lucrative. We have sold apartments in Kolkata at Rs 1,325 per sqft and that is half the current rates of the market,” said Arup Roy Choudhury, Chairman and Managing Director, NBCC.
The company hopes to grow its turnover to Rs 3,000 crore this fiscal, compared to Rs 2044 crore in the previous financial year.
Apart from building residential projects, NBCC is also working on numerous power projects of BHEL, NTPC and others. “We do a lot of power projects, which account for 15-to-20 per cent of our revenue. Our primary profitability comes from these projects,” said Choudhury.
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The company is also constructing 500 ministerial bunglows in New Moti Bagh, Delhi, with an area comprising of 123 acres of land.