NBCC sets to start ₹32,000-cr project in Delhi

NBCC is set to start construction work on the 8 million sqft commercial space in South Delhi's Nauroji Nagar and Sarojini Nagar entailing an investment of ₹32,000 crore with the Delhi High Court vacating the stay on construction of a commercial hub in the heart of the national capital. The company has started the process of sale of commercial space and is expected to complete the work within three years. The government had announced redevelopment of seven housing colonies in Delhi, of which three — Nauroji Nagar, Netaji Nagar and Sarojini Nagar — were assigned to NBCC. The is expected to bring revenue equivalent to the construction cost as ₹12,000 crore is expected to come from sale of space at Nauroji Nagar and another ₹20,000 crore from Sarojini Nagar. The funds will finance construction of the housing complex it is building for the government. Alongside, a team will work on the necessary approvals as there is a shortage of houses for government employees. With the redevelopment of the three colonies, the government expects to take the number of houses to 25,000 from the existing 12,000. In Nauroji Nagar. A commercial hub will be developed on 25 acres of land for which a revised master plan and details are ready.