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NBCC to monetise plots in upscale areas
The Times of India  |  February 26, 2019

Dipak K Dash New Delhi

Government-owned construction company NBCC, is selling off a large plot in upscale Golf Links in Lutyens’ Delhi, earmarked for residence of its chairman and managing director, and a bungalow in Asiad Village to monetise the land.

 

The bungalow in Asiad Village, which is earmarked for residence of NBCC’s director (finance), is expected to meet most of the cost of half a dozen apartments that the PSU has purchased for all its directors at the East Kidwai Nagar complex.

 

The 600-yard plot in Golf Links, where construction had not been carried out, is estimated to add between Rs 80-90 crore to NBCC’s coffers.

 

“We are expecting good bids for this (Golf Links) plot and for the Asiad Village bungalow as well. Why should the CMD live in such expensive property or for that matter it should apply to other seniors in the organisation? Rather such land parcels should be monetised to invest in business,” NBCC CMD AK Mittal told TOI.

 

The Navaranta company has invited bids for the Asiad Village bungalow and will float tender for the auction of Golf Links plot. Officials said earmarked houses also increase the burden of expenses on any organisation since some additional manpower such as security guards are usually deployed.

 

Officials also said the maintenance of East Kidwai Nagar residential complex, where the new flats have been purchased, will also be better since its chairman and top officials will stay.

 

Government officials said other PSUs could take a queue from this and monetise their land for investment in business.