NEW DELHI: State-run real estate developer NBCC (India) has brought forward its target of achieving Rs 25,000-crore revenue by a year to FY29, buoyed by its negotiations for redevelopment projects across the country, its chairman and managing director, KP Mahadevaswamy, told ET.
NBCC will follow the Delhi model, under which it sold 3.2 million sq ft of commercial space at the World Trade Centre project in Nauroji Nagar and at Sarojini Nagar Downtown, generating Rs 14,800 crore, to complete the redevelopment of seven colonies in Delhi.
It is in talks with the state governments of Goa, Telangana, Jammu & Kashmir and Kerala to take up more redevelopment projects, according to Mahadevaswamy.
“Redevelopment is going to contribute almost 50% of our revenue. Being a self-sustainable model, where the money is generated from the project itself, state governments are happy to follow it. We have an order book of Rs 60,000-70,000 crore, and it will continue to grow,” said Mahadevaswamy.
Recently, NBCC won redevelopment projects worth Rs 10,000 crore from the Goa government, which will be taken up in phases. Under a self-sustainable model, these projects will be developed without any budgetary support from the state government.
The company had reported Rs 8,900 crore revenue in 2022-23 and Rs 10,666 crore revenue in 2023-24.
In 2024-25, it is expecting revenue of about Rs 12,000 crore.
The government had announced the redevelopment of seven housing colonies in Delhi, of which three-Nauroji Nagar, Netaji Nagar and Sarojini Nagar-were assigned to NBCC, while the governmentRs s Central Public Works Department (CPWD) was given the task of redeveloping four colonies-Kasturba Nagar, Thyagraj Nagar, Srinivaspuri and Mohammadpur.
The four projects, being executed by CPWD, are also being funded through capital generated by NBCC via the sale of commercial space in colonies allotted to it for redevelopment.
