NBCC a State-run organization boosts thousands of home buyers’ confidence about their future. The company proposed a three-phase construction plan for three years to complete thousands of housing units.
Under the plan, the company plans the completion of 50,000 housing units across 17 projects of Supertech Ltd. Supertech is an insolvent developer company, and charges like money laundering and fund diversion are pressed against its promoter. NCLAT (National Company Law Appellate Tribunal) granted permission to NBCC to foray as a project management consultant here like it is at Amrapali.
NBCC estimated the completion cost of all projects at Rs.9,500 crore and expects a receivable amount of Rs. 16,000 crore including Rs. 14,000 crore that is likely to be generated from unsold inventory of 10,000 apartments.
Parallel to this, the insolvency resolution professional estimates the construction cost at Rs. 6,406 crore.
“Tentative time period for completion of various projects shall vary from 12 to 36 months from Day Zero,” it has proposed. Day zero includes everything from access to land to receipt of approvals and availability of funds. Underlining the availability of funds as a key, NBCC has sought an “unencumbered designated project account”, where an initial Rs. 100 crore will be required. Besides, it has sought the support of local authorities and from Supertech as well as homebuyers.
NBCC also proposes a fee charge of 8 percent on the actual cost of work and a 1 percent marketing fee.
Out of the total, nearly 13,000 apartments are delivered in seven projects that are proposed to be up for work in the first phase. The possession level in the second and third phases is expected to be lower than the first.
Earlier this year, NBCC (National Buildings Construction Company) business grew significantly in the financial year 2023-24. In the regulatory filing, the company reports business of Rs. 23,500 crore in FY 23-24. Soon after filling business gains, the company marked a jump of 7% in this share price value on Tuesday, April 23rd, 2024.
Also, NBCC State-owned NBCC firm has bagged a big-ticket Rs. 15,000 crore contract from the Jammu & Kashmir Government to develop a 406-crore satellite township project in Srinagar.
In a regulatory filling on Friday, the company informed that it bagged this project from Srinagar Development Authority.
The nature of the work is the development of a satellite township spread over 406-acre at Rakh-e-Gund Akshah, Bemina, Srinagar in Jammu & Kashmir.
