The company plans to monetize the piece of land it acquired from Air India a few years ago.
âWe have planned to build 42 high-end residential units there and are in the process of obtaining the necessary approval. We have already carried out projects on foreign soil and it will be a good income opportunity for us, âsaid the manager, who did not wish to be identified.
In 2011-12, the government prepared a turnaround plan for Air India and mandated it to sell properties worth Rs 500 crore each year.
âThe Mauritian land was in a privileged area and we had signed an agreement with the Mauritian government at the time to develop a social housing project worth Rs 150 crore. The land acquisition made sense and now we think it’s the right time for monetization, âthe official said.
Three years ago, the national carrier put up to 111 properties on the block with a cumulative price of Rs 9,500 crore, hoping to monetize assets to reduce its growing debt.
She has found success abroad, with the sale of properties in Tokyo, Hong Kong, London and Mauritius.
Office space in London was sold for Rs 45 crore while apartments in Tokyo and Hong Kong were sold to the Indian Ministry of Foreign Affairs.
The NBCC is currently executing various iconic projects such as university buildings of central and state universities, IITs and IIMs across the country.
It reported a turnover of Rs 932.24 crore for the April-June quarter, a jump of 115.21% from the turnover of Rs 433.17 crore recorded a year ago.
Recently, the company signed a memorandum of understanding with IIT Madras for the construction of a laboratory on its Thaiyur campus.