NBCC launches reconstruction of ₹4,525-cr complex in Delhi

In a bid to reduce debt of Air India by ₹4,500 crore through redevelopment of its residential colony in Vasant Vihar areas of Delhi, NBCC has submitted a detailed plan for monetization of the 30-acre space involving an investment of ₹4,525 crore. According to official sources, the total revenue from the project is expected to be ₹7,000 crore. The builder plans to build multiple 14-storey buildings with 1,700 flats, and 960 flats for the economically weaker sections (EWS), besides a school and community facilities in the area. Currently, there are 810 flats in the colony and the 42-metre high building will enable fund generation. The colony will be developed in two phases so that those living there do not have to relocate in one go, said Director - Projects, NBCC, Neelesh Shah. Two years ago, the cash-strapped national carrier had put 111 properties on the block with a cumulative price tag of ₹9,500 crore but managed to sell only 32, raising about ₹1,000 crore. Air India had a debt of ₹59,000 crore of which the government transferred ₹29,400 crore last year to Air India Asset Holdings, a special purpose vehicle (SPV) that caters to the debt and assets of the national carrier.