The National Buildings Construction Corporation India is carrying out a development of nearly 1.5 crore sq ft.
A central government agency is building 1,980 flats in Wadala, which will be 2,3 and 4 BHKs to be sold at market rate. The National Buildings Construction Corporation India is carrying out a development of nearly 1.5 crore sq ft. One-third of this area will be used for constructing homes, which will be sold in the market.
Anoop Kumar Mittal, Managing Director, NBCC confirmed the details. The land actually belongs to the central government where NBCC will be constructing office space for different government agencies, which will occupy some 50 lakh sq ft.
In the remaining, they will be constructing commercial outlets and also residential buildings, which will be sold. A senior official from NBCC said, "First, a few flats will be sold in an auction. The rates for the remaining flats will be decided on the basis of the auction."
The total cost of the project is Rs 8,000 crore, which the corporation is expecting to generate via the sale of the flats and other units. It is a self-revenue generating model.
The office space will be handed over to the ministry of finance and other related departments of the government. The design for the project has been frozen and in the next three to six months, the remaining approvals are expected to be in place. The construction work is supposed to start by December. The aim of NBCC is to sell the flats at the ongoing market rate and it will be an indirect competition to the local builders.
Wadala has grown in different directions in the last few years. While it is turning into a major commercial hub, the monorail connectivity has brought in several developers. Its proximity to the Eastern Freeway is an added advantage in terms of commute.
THE PROJECT
The total cost of the project is Rs 8,000 crore, which the corporation is expecting to generate by selling flats and other units. It is a self-revenue generating model.
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