New Delhi: State-run NBCC unsold inventory has risen to 1,400 crore at the end of third quarter of the current fiscal as compared to Rs 800 crore worth of piled up completed properties six months ago.
NBCC CMD P K Gupta disclosed the figure of Rs 1,400 crore worth of unsold properties while reply to an investor query recently. The company had said that it had unsold stock of real estate worth Rs 800 crore in various parts of the country when it was asked a similar question by an investor in September 2019.
These unsold inventories include residential and commercial properties. While the company mostly constructs properties on behalf of government and state agencies on a project management consultation basis, this unsold stock of Rs 1,400 crore is meant to be sold in the open market and not to be delivered to nay any government body or agency.
Gupta also said that the company has about 58 acres of land in the form of apartments and other structures which it will try to monetize this land when the market improves.
“We have around 58 acres of land in different apartments and different places in the country. And we are monetizing it as and when the market improves in these cities,” said Gupta in reply to a different query recently.
Gupta also said that the company is looking at total revenues of Rs 6,500 crore in the current financial year and about Rs 9,000 crore in the next fiscal 2020-21.
He said that the company will start its re-development projects like Nauroji Nagar project in Delhi in the next fiscal and there will be significant revenues from those projects hence the company can easily achieve about 40 percent growth in revenues from this fiscal to next.
The company had already started work in Nauroji Nagar but was stopped due to a stay by Delhi High Court. The company is hopeful it will restart the project in fourth quarter of the current fiscal and revenues will start flowing in from the next fiscal from the project.
The company has been given the mandate to redevelop Nauroji Nagar colony which has so far been used to house government employees. The redevelopment project includes a World Trade Center consisting of 12 towers and having a total area of 32 lakh square feet of office space. The company had started work on the project and had even sold part of the World Trade Centre project at a handsome price when the work was stopped on the directions of the Delhi High Court.