New Delhi: National Buildings Construction Corporation (NBCC), the central government’s real estate developer, is going to develop one of the largest projects outside Delhi-NCR, having undertaken a residential-cum-commercial complex for the Kerala government in Kochi, The Print has learnt.
The Rs 2,650-crore project will come up on 17.9 acre of land owned by the Kerala State Housing Board (KSHB) at Marine Drive in Kochi. The Kerala government Wednesday approved the project, according to NBCC officials.
“The Kerala government has approved the project. It will be one of the largest development projects — where the land belongs to the state government — to be taken up by the NBCC outside Delhi,” NBCC chairman and managing director K.P. Mahadevaswamy told ThePrint.
He added that the NBCC was now exploring possibilities of taking up redevelopment projects in other states.
“There is huge potential for monetisation of land by planning mixed-use development of vacant land or through redevelopment of old residential or other areas,” he explained.
The Kochi project will be the NBCC’s first big government project in south India, according to officials. Work on the project is expected to begin in June.
While the NBCC has bought land and executed several real estate projects across the country, it has undertaken a few large-scale development projects on government land only in Delhi. The Kochi project will be among the few projects where the land belongs to the state government but the planning and development work is carried out by the NBCC.
The NBCC is currently implementing the Rs 35,000-crore project of seven General Pool Residential Accommodation (7 GPRA) colonies, along with the Central Public Works Department (CPWD), to provide 20,000 housing units for central government employees. It is also working on the Rs 5,000-crore AIIMS redevelopment project.
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Eco-friendly residential-cum-commercial area with green spaces
Last year, a memorandum of understanding was signed between the NBCC and the KSHB to develop a vacant land parcel at Kochi’s upscale Marine Drive into a state-of-the-art, eco-friendly residential-cum-commercial area.
Spread over 17.9 acre, the land parcel will be developed in two parts — 3 acre of commercial space and 14.79 acre of residential complex, and will include a five-star hotel, convention centre, and large green spaces.
The NBCC, which will be the project management consultant, has shared the development plan with the Kerala State Housing Board for approval.
KSHB chairman P.P. Suneer told ThePrint: “The residential complex will have six 31-storey towers. Close to 50 percent of the area will be reserved for green spaces. It will have a convention centre with seating capacity for 10,000 people. We will have a meeting with the NBCC to work out the plan for the project’s implementation.”
A state government official said the Corporation prepared the development plan after assessing the market requirement, as well as execute the project, sell the commercial component to recover the cost of the project and hand over 1,300 residential units to the Kerala State Housing Board. The Board will then dispose them off.
Redevelopment projects in Delhi
Since 2007, the NBCC has taken up four major redevelopment projects in Delhi, of which two projects at New Moti Bagh and East Kidwai Nagar were completed in 2012 and 2018, respectively.
The 7 GPRA is the Centre’s ambitious plan to redevelop seven government housing colonies in south Delhi. As part of the project, the NBCC is redeveloping three colonies at Sarojini Nagar, Nauroji Nagar and Netaji Nagar. It is also constructing a mega commercial hub with space for offices and retail and a five-star hotel at Nauroji Nagar. Four other colonies are being redeveloped by the Central Public Works Department (CPWD).
The cost of the entire seven GPRA project will be recovered from the sale of the commercial units at Nauroji Nagar and part of Sarojini Nagar.
“Through redevelopment, unutilised spaces can be optimally utilised and planned development can be ensured. In seven GPRA, there is no financial burden on the exchequer as the entire project cost will be recovered from the commercial component being developed at Nauroji Nagar and parts of Sarojini Nagar,” Mahadevasawamy had told ThePrint earlier this month.
(Edited by Nida Fatima Siddiqui)
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