The National Building Construction Company (NBCC) will float tenders to appoint contractors in the next 15 days for construction of stalled projects of debt-ridden realty firm Amrapali.
The Supreme Court had earlier allowed the NBCC to float tenders for selecting builders to complete the stalled projects of Amrapali Group. On September 12, the Supreme Court had appointed NBCC to develop stalled projects of the Amrapali Group following the company’s proposal that it could complete 15 stalled projects, comprising 46,575 flats, within 36 months at a construction cost of Rs 8,500 crore.
Responding to a question related to Amrapalli, NBCC Chairman and Managing Director Anoop Kumar Mittal said the NBCC will float tenders in the next 15 days. “The company will also prepare a detailed project report for all the stalled projects within next two months as directed by the Supreme Court,” he added. On arrangement of funds, he said the company would go by the apex court’s directions and also denied any talks with Piramal group to raise funds.
Mittal said the project management fees proposed by the company for completing Amrapali projects are not on the higher side. The company expects construction work to start from December for the first set of projects comprising over 11,000 apartments. If this happens, this would give a huge relief to large number of homebuyers with stuck investments.
The NBCC, which is under the administrative control of the Ministry of Housing and Urban Affairs, is present in three main segments -- project management consultancy (PMC), real estate development and EPC contracting.
Asked about the seven redevelopment projects in South Delhi that are on hold because of uproar over falling of trees, he said the company would abide by court’s directions and follow all the government regulations. “The work has been stopped since last three months. The losses can be worked out. If work starts in these seven projects, of which three are tasked with NBCC and four with CPWD, it will be good,” Mittal said.
Talking about the future plans of the company, he said the order book of the company is currently around Rs 80,000 crore and by the end of the year, plan is to increase the same to Rs 1,00,000 crore. “We plan that the company grows with a compound annual growth rate (CAGR) of 30-40 per cent in the next five years,” Mittal said.
Mittal highlighted that the NBCC has revamped Purana Quila (Old Fort), and will soon start work on Red Fort and Qutub Minar as part of its initiative to conserve, develop and maintenance of heritage properties. With an endeavour to refurbish the magnificent edifice, the NBCC adopted Purana Qila under Ministry of Tourism’s ‘Adopt a heritage’ scheme and executed the task utilising its CSR funds. The press conference was held at redevelopment project at Kidwai Nagar in South Delhi.
NBCC’s CMD said the company’s current order book is worth Rs 80,000 crore and the same would touch Rs 1 lakh crore by March 2019. Mittal said the company expects to grow at a CAGR of 30-40 per cent in topline as well as bottomline in the coming years. The company’s total income stood at around Rs 7,100 crore last fiscal.