New Delhi: The residential project that NBCC has bagged in Wadala in Mumbai has slipped out of its hands and now CPWD will undertake the project.
The project could have given revenues of Rs 3,200 crore to the state-run company since the project was won by in on self-revenue generation model.
The self-revenue generation model of NBCC was later disapproved by the government and CPWD has been roped in for the project now.
“Wadala, Mumbai project was supposed to be executed by NBCC on self-sustainable basis, but somehow government has not agreed for this project and now that project, the government has arranged some fund of about Rs 1,000 crore they have arranged. And now that will be executed by CPWD on PMC basis. So, they will not approve self-sustainable model of NBCC,” said Neelesh Kumar Shah-Director-Projects, NBCC, while reply to an investor query recently.
The project, which could have been NBCC’s maiden housing project in the financial capital of India, was won from Department of Customs and Excise-Ministry of Finance in 2017.
The project was to have 1,980 apartments in 2BHK, 3BH and 4 BHK configuration. The project was to have some offices also. The project was to have about 15 million square feet of construction, one of the largest in Wadala.
The company has an order book of Rs 80,000 crore and net profit of the company in the third quarter of the current fiscal dropped 36 percent to touch Rs 55.54 crore as against to Rs 86.81 crore in the same quarter of the previous fiscal.
The total income of the firm dropped 20 percent to Rs 1,979.36 crore in the third quarter of the current fiscal as compared to Rs 2,488.17 crore in the same quarter of the previous fiscal.
The company suffered a loss of Rs 29 crore in the second quarter of the current fiscal and a profit of Rs 25.30 crore in the first quarter.