Tag: nbcc

Latest StoriesRegulatory

SC urges NCLAT to rule on 14 Supertech housing projects

NEW DELHI: On Monday, the Supreme Court urged the NCLAT to swiftly decide on the amalgamation of 14 remaining housing projects of the financially troubled real estate firm Supertech within a court-supervised framework, aiming to expedite completion and alleviate the concerns of homebuyers. Earlier, on February 5, the Supreme Court upheld an NCLAT order directing the State-owned NBCC to complete 16 out of 30 housing projects of Supertech Limited. The NCLAT is set to re-examine the issue on April 24. A bench led by Chief Justice Surya Kant and Justice Joymalya Bagchi took note of the worries expressed by homebuyers…

CommercialLatest Stories

NBCC sells ₹5,779 crore commercial space in Sarojini Nagar

NEW DELHI: NBCC has successfully completed the e-auction of commercial built-up space available on freehold basis at Bharat Business Park (BBP), Sarojini Nagar, New Delhi. A total of approximately 23.44 lakh sq ft of super built-up area was offered across eight towers. The auction generated a total sales value of about ₹5,779 crore, which reflects the highest bid rates for approximately 14 lakh sq ft auctioned across five towers. The average sale rate recorded during this e-auction was ₹41,207 per sq ft, marking an increase of ₹2,107 per sq ft (5% over the reserve price). The proceeds from this e-auction…

IndustryLatest Stories

Kochi: Bliss City Project Finally Set to Launch

Representative AI image KOCHI: After years of planning and a strategic alliance with the National Buildings Construction Corporation (NBCC), Kochi Metro Rail Ltd (KMRL) is set to launch its ambitious Bliss City project. This 31.43-acre mixed-use development in Kakkanad is transitioning from a mere concept to an active construction site, following the recent leasing of the first land parcels. “We have officially leased 3.41 acres of prime land to investors, with development work expected to begin soon. The initial phase will feature a unique design that integrates commercial spaces, shopping, and entertainment facilities. Additionally, a secondary parcel of 1.62 acres…

Latest StoriesRegulatory

NBCC to Seek Supreme Court RERA Exemption for 11 Supertech Projects

NEW DELHI: State-owned NBCC is preparing to approach the Supreme Court for an exemption from RERA registration, as 11 out of the 16 Supertech projects it is required to manage will need additional funding, according to sources familiar with the situation. The Supreme Court recently upheld an NCLAT ruling requiring NBCC to complete 16 housing projects managed by the financially troubled Supertech Limited. However, upon review, NBCC identified that funds would need to be reallocated to finish these projects, which is not permitted under RERA regulations. “The NCLT lacks the authority to grant RERA exemptions, which are crucial for delivering…

IndustryLatest Stories

NBCC Discusses 139-Acre Project in Seychelles

NEW DELHI: State-owned NBCC is considering a project in Seychelles focused on infrastructure development, including housing, on a 139-acre island. On Monday, the company announced that Vice-President of Seychelles, Sebastien Pillay, visited NBCC’s headquarters with a high-level delegation. Discussions were held with NBCC CMD K P Mahadevaswamy and other senior officials regarding potential projects in Seychelles. “Detailed presentations were shared with the delegation, highlighting infrastructure development opportunities for the island’s 139 acres,” NBCC stated. The planned development includes affordable housing, leisure and hospitality options, premium villas, a sports arena, and social infrastructure, among others. Back in January, NBCC’s CMD visited…

Latest StoriesRegulatory

SC aids Supertech buyers, upholds NCLAT order for NBCC takeover

NEW DELHI: The Supreme Court has intervened to assist thousands of frustrated homebuyers who have waited nearly two decades for their dream homes. On Thursday, the court upheld an NCLAT directive for the state-owned NBCC to swiftly complete 16 housing projects by the financially troubled realty firm Supertech Limited. The court has prohibited all tribunals and high courts from issuing orders that could hinder construction efforts by the National Buildings Construction Corporation (NBCC) Limited. A bench, comprising Chief Justice Surya Kant and Justice Joymalya Bagchi, invoked its extraordinary powers under Article 142 of the Constitution, affirming the December 12, 2024,…

Latest StoriesResidential

NBCC Auctions 417 Amrapali Aspire Units for ₹1,045 Crore

NEW DELHI: The state-owned NBCC (India) has wrapped up the e-auction for 417 residential units in two housing projects located in Noida and Greater Noida West, achieving a total sale value of approximately ₹1,045.4 crore, as stated in a regulatory filing by the company. The sold units are part of the Aspire Leisure Valley project in Greater Noida West, specifically in towers 7 and 8, as well as Aspire Silicon City, Phase IV in Sector 76, Noida, which comprises tower 5, under Sub-Package 4 of the project. According to the transaction agreement, NBCC will receive a marketing fee of 1%…

Latest StoriesResidential

NBCC to Revamp Unsafe Tulsi Niketan Flats in Ghaziabad

GHAZIABAD: The National Buildings Construction Corporation (NBCC) has been appointed to manage the long-anticipated redevelopment of Tulsi Niketan, which has been classified as an ‘unsafe’ colony for almost six years. On Monday, a new Memorandum of Understanding (MoU) was signed with the Ghaziabad Development Authority (GDA), designating NBCC as the project management consultant responsible for overseeing construction in the housing complex. According to GDA Secretary Rajesh Kumar Singh, the redevelopment will occur in two phases under a Public-Private Partnership (PPP) model, with an expected completion timeline of three years. Constructed by the GDA in the 1990s on 7.8 hectares, the…

Latest StoriesResidential

Ghaziabad Body to Collaborate with NBCC for Tulsi Niketan Redevelopment

GHAZIABAD: Four months after a balcony collapse claimed two lives in Tulsi Niketan, the Ghaziabad Development Authority (GDA) is partnering with the National Buildings Construction Corporation (NBCC) for redevelopment of the deteriorating colony in Bhopura area. On Friday, the GDA held a meeting with NBCC officials to discuss a redevelopment plan. “Tulsi Niketan is on the city’s ‘unsafe colony’ list. During the meeting, NBCC was tasked with preparing a pre-feasibility report for the revamp project, due in a week,” stated GDA Secretary Rajesh Kumar Singh. “NBCC will later create a detailed project report and may proceed with redeveloping the entire…

IndustryLatest Stories

NBCC Signs Deal with RIICO for ₹3,700 Crore Jaipur Project

NEW DELHI: State-owned NBCC has signed a Memorandum of Understanding (MoU) with the Rajasthan State Industrial Development & Investment Corporation Ltd (RIICO) to develop a project worth ₹3,700 crore in Jaipur. In a statement released on Thursday, NBCC announced the MoU with RIICO for the development of Rajasthan Mandapam and associated infrastructure near Jaipur International Airport. The project is estimated to be around ₹3,700 crore. NBCC will serve as the Executing Agency for this 95-acre project. According to the statement, “RIICO will provide NBCC with an initial interest-free advance of ₹50 crore, while NBCC will secure the remaining funds through…