New Delhi: State-owned real estate development firm NBCC (India) Ltd. has accelerated its growth ambitions, bringing forward its ₹25,000-crore revenue target by one year to FY29, buoyed by strong momentum in redevelopment projects and growing interest from multiple state governments.
Chairman and Managing Director K.P. Mahadevaswamy confirmed that the company is pursuing large-scale redevelopment opportunities using a self-sustaining model that has already proven highly successful in the national capital.
The Delhi Model: A Blueprint for National Expansion
NBCC plans to replicate its Delhi redevelopment model, under which it generated ₹14,800 crore through the sale of 3.2 million sq. ft. of commercial space in the World Trade Centre project at Nauroji Nagar and Sarojini Nagar Downtown. These proceeds were used to fund the redevelopment of seven housing colonies in Delhi, without requiring direct budgetary support.
“Redevelopment is going to contribute almost 50% of our revenue. Being a self-sustainable model, where the money is generated from the project itself, state governments are happy to follow it,” Mahadevaswamy said in an Interview.
State Governments Show Interest
NBCC is in active discussions with the governments of Goa, Telangana, Jammu & Kashmir, and Kerala to replicate this redevelopment model in their respective regions. The approach is gaining traction among states due to its budget-neutral structure and the potential to revamp urban infrastructure efficiently.
Recently, NBCC secured ₹10,000 crore worth of redevelopment projects from the Goa government, which will be undertaken in phases. These projects will also be developed without financial backing from the state’s budget, reinforcing the viability of the self-sustaining model.
Robust Order Book and Revenue Growth
With an order book valued between ₹60,000 crore and ₹70,000 crore, NBCC expects sustained growth in the coming years. The company reported a revenue of ₹8,900 crore in FY23, followed by ₹10,666 crore in FY24, and anticipates touching ₹12,000 crore in FY25.
Supporting CPWD Projects Through Capital Generation
Of the seven housing colonies slated for redevelopment in Delhi, NBCC was tasked with Nauroji Nagar, Netaji Nagar, and Sarojini Nagar, while the remaining four — Kasturba Nagar, Thyagraj Nagar, Srinivaspuri, and Mohammadpur — were assigned to the Central Public Works Department (CPWD). Notably, NBCC is also generating capital for the CPWD projects by selling commercial space from its own redevelopment projects, further underlining its pivotal role in the government’s urban renewal mission.
Looking Ahead
NBCC’s strategic pivot toward large-scale redevelopment, its proven funding model, and expanding footprint across Indian states positions the company as a central player in India’s urban infrastructure transformation. With a clear growth trajectory and increasing state partnerships, the company appears well on course to meet its advanced revenue target by FY29.
