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Ready to take up any stalled project if commercially viable: NBCC CMD

Agency | February 10, 2019 03:30 PM

NEW DELHI:   At a time when there are a few or no takers for stalled residential projects, the public sector construction major NBCC is willing to take up such properties for completion, provided they are commercially viable and do not hurt the company's balance sheet.

 

 

After agreeing to take up few incomplete projects of Amrapali Group, NBCC is now looking to take up the incomplete housing projects of Jaypee Infratech.

In an interview to IANS, NBCC CMD Anoop Kumar Mittal said that the company is willing to take up any stalled realty project for completion if it seems profitable.

He said that being a Board-governed company, it would take decisions based on commercial viability of the projects.

"Wherever there will be some opportunity we can complete the stalled projects without compromising the balance sheet and profitability or whatever commercial interest we have... We are ready to take those projects," he said.

Speaking of the Amrapali projects, he said that part of the work has started. The Supreme Court last month gave a go-ahead to NBCC for completing the construction of two projects of the Amrapali Group.

Regarding upcoming redevelopment projects, he said that it is currently working on the design and Detailed Project Reports (DPR) of Air India's two land parcels at Baba Kharak Singh Marg and Vasant Vihar in the national capital.

In September, the national carrier gave an in principle approval to NBCC for monetising or redeveloping the non-core assets in the city.

The projects assume significance as the property at Baba Kharak Singh Marg in Connaught Place is likely to be another major commercial hub in the heart of the national capital. The plot at Baba Kharak Singh Marg is spread across 3.54 acres while that in Vasant Vihar which houses Air India's staff colony spreads across 30 acres.

He also said that its bid for the bankrupt Jaypee Infratech at the National Company Law Tribunal (NCLT) is a major target ahead and if approved, it would be a "big work".

Talking of the financial growth of the company, Mittal said the company aims a minimum growth of 30 per cent in its profit and revenue for the financial year 2019-20.

"In 2019-20, our plan is that minimum 30 per cent growth in top line and bottom line in all our business verticals."

On the issues faced by the real estate sector, he noted that although the there has been an uptick in sales in the past few months, demand still remains a concern.

He observed that realty players along with the government should come up with a mechanism to maintain stock of unsold inventory in the local or district level and gauge the demand-supply parity.

"I feel that there should be some mechanisms before local bodies allow any developer to start the project. They should also see whether that demand is still available in that area… There should be some mechanism," Mittal told IANS.

"Before sanctioning the houses that kind of analysis should be done. There can be some variation in that, 5-20 per cent, but there should not be variation of 300-500 per cent," he said.

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