NBCC (India) Ltd, a government-owned construction company, is looking to expand its footprint in the real estate space and take up redevelopment of state projects and distressed assets to more than double its revenue to ₹25,000 crore in the next five years, its top official said.
"We,re focusing on expanding our real estate business, using our land bank to build both residential and commercial properties," K. P. Mahadevaswamy, chairman and managing director, told Mint in an interview.
The company has about 60 acres of land that it intends to monetize to expand its real estate business. Projects are expected to be launched soon in cities including Jaipur, Gurugram, Ghaziabad, and Coimbatore, Mahadevaswamy said.
"In tier II cities, none of the local developers has a brand name as strong as NBCC," said Prashant Thakur, head of research and advisory at real estate consultancy Anarock. "T his will definitely be a good advantage as they foray into these cities.," NBCC, which built the Bharat Mandapam Convention Centre in what used to be known as the Pragati Maidan complex in New Delhi, already has at least commercial and residential projects across India.
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