NBCC EXPANDS ITS REAL ESTATE FOOTPRINTS INTO DUBAI

·         First Central Public Sector Undertaking (CPSU) to launch itself as a real estate developer in Dubai

NBCC (India) Limited has taken a big step in international real estate by starting its overseas real estate operations in Dubai through NBCC Overseas Real Estate LLC (wholly owned subsidiary).

 

The NBCC Overseas Real Estate LLC purchased a prime land parcel in Dubai Mainland for AED 16 million, including AED 1 million paid to DLD, broker, and other charges, for a mixed-use development.

 

The project has GFA of 51718 Sqft and configuration of G+2P+8 floors with an expected revenue from the project around AED 58-60 million.

 

This development has been achieved through the support & approvals by the Government of India/ Ministry of Housing and Urban Affairs as part of a strategic drive to push for global expansion, making NBCC the first Central Public Sector Undertaking (CPSU) to launch itself as a real estate developer in Dubai.

 

NBCC’s management acted proactively, leveraging its strong brand position and smart pricing, this will mark a key milestone in the company’s growth.

 

NBCC has achieved a milestone in the domestic real estate market by taking over stalled Amrapali projects under the direction of Hon’ble Supreme Court of India and delivering relief to thousands of homebuyers. Out of its mandate of around 38,000 units, NBCC has already completed close to 30,000 units. It is also advancing the development of unused floor area ratio (FAR) from these projects, by launching additional 8200 units.

 

Earlier, NBCC successfully completed the India Pavilion at Dubai South for World Expo 2020, valued at around AED 172 million (about USD 46.8 million). This project highlighted Indian excellence on a global stage. This Dubai move strengthens NBCC’s global presence and opens new growth opportunities.