NCC Urban Infrastructure Ltd has forayed into the Mumbai Metropolitan Region’s property market through a redevelopment project with development potential of 4 lakh sq ft in western suburb Versova.
The company has signed a development agreement with a housing society for the project estimated to generate approximately Rs 700 crore in revenue and is part of the company’s broader expansion strategy, the company said in a release.
Real estate projects involving the redevelopment of old housing societies and rehabilitation are the mainstay of the Mumbai region’s property market, as the land-starved city and its peripheral areas have few vacant land parcels.
With this move, NCC Urban has become the latest in a growing list of real estate developers entering the Mumbai redevelopment segment. The company is expected to explore more such opportunities as part of its growth in western India.
NCC Urban is the real estate arm of NCC Infrastructure Ltd and has ongoing operations across residential, commercial, and mixed-use developments. It is active in various cities including Bengaluru, Hyderabad, Kochi, Ranchi, Vizag, Guntur, and has a presence in Dubai. The entry into Mumbai expands its footprint into a key urban market.
