The National Building Construction Corporation (NBCC) a construction firm in New Delhi which is responsible for the redevelopment of Manora Aamdar Nivas in Churchgate, will now construct homes in Mumbai. NBCC has decided to construct residential homes in Mumbai for the first time. The firm will construct 1980 houses in the prime area of Wadala besides the mono rail.
It is noteworthy that NBCC is a government firm and constructs new and spacious homes for middle-class people, luxurious homes for rich people. All these houses are estimated to be worth billions of rupees.
There have been several constructions alongside the mono rail route since the last five years. Private builders have been building in the area, but there is a large chunk of land that belongs to the central government. Hence, the central government has decided to build residential homes on the land along with government offices. The work of construction has been handed over to the construction company — NBCC.
The land in Wadala belongs to the Customs Department and Finance Department. Therefore, the customs department will build an office for the financial sector and houses will be built by NBCC in the remaining space. About 1.5 crore square feet area is available to NBBC for construction. Out of which, 50 lakh square feet of the area will be given to the Customs department for the offices of Finance department and Customs department. In the remaining one crore square feet, 1980 houses will be built.
These homes are going to be 2BHK, 3BHK and 4 BHK. The cost of this project is estimated at around ₹8,000 crore, and NBCC said that the scheme being a development project, they will not earn any money and the amount of ₹8,000 crores will be obtained from the sale of the houses.
Since the house prices are being kept reasonably low by NBCC, private builders might not be able to digest the fact. Even though the houses will be luxurious, they will not cost as much as the houses built by private builders and is expected to get good response from the public.
NBCC is working on getting the permissions required for this housing project. They have already taken quite a few permissions, and the remaining permissions are likely to be received in the coming months. That is why NBCC expects the actual construction of the project to begin by the end of December 2018.