NCC Urban Infrastructure Limited, a subsidiary of Hyderabad-based construction major NCC Limited, is lining up over 10 residential and commercial projects, together with a built-up area of 2.5 million sft, in Bangalore, Chennai, Hyderabad and Kochi.
“While we recently launched six projects in Bangalore, both apartments and villas, which are expected to generate a turnover of Rs 250 crore per year, ventures in Hyderabad, Kochi and Chennai are to be launched in the next two to three months,” said Narayana Raju Alluri, managing director of NCC Urban.
Speaking to Business Standard on the sidelines of the Confederation of Indian Industry (CII)’s conference on urban infrastructure with the theme ‘Building sustainable cities for tomorrow’s India’ here today, he said the company had received Rs 150 crore as equity and the remaining as loan from the parent, NCC Limited, to fund acquisition of land for these projects.
NCC Urban, which has so far developed over 2 million sft of residential and commercial space, currently has a land bank of over 400 acre.
The company is in the process of launching a 100-acre integrated township, enveloped with commercial space, in Visakhapatnam, besides a 150-unit apartment venture in Guntur city shortly.
On the company’s maiden overseas project, NCC Harmony, a twin-tower project of 2.3-million sft coming up at the Dubai Biotechnology and Research Park, Alluri said the project was going slow because of the Dubai financial crisis. The company had invested around Rs 150 crore in the project and raised the rest through sales.
“With the Dubai market collapsing, the high-rise (35-floor) apartment project has not sold much. Construction work is still going on and it will take another two years to be completed,” Alluri said, adding the company garnered revenues of Rs 175 crore last year and was expecting it to touch Rs 200 crore this year.
