NBCC secures Rs. 15,000-cr building bonanza

In order to unlock realty assets worth 771 acre, the Union Government has decided to award contracts for the reconstruction of the land parcels located largely in Delhi, Kolkata, and Pune, to NBCC India Ltd. entailing an investment of Rs. 15,000cr, said official sources adding that the land is owned by erstwhile VSNL, a company that the government had sold to the Tata group in 2002 as part of its asset-sale program. The process, which is likely to start shortly where NBCC will redevelop the land and take a certain fee and the remaining amount will flow into government and other shareholders. Initially, the land will be transferred and then redevelop depending upon their location that has already designated NBCC as the land management agency to dispose off land assets of the firms. As of now, the government owns 51% of the demerged VSNL land entity through a special purpose entity and that Tata group had renamed VSNL as Tata Communications.