Several private Indian real estate development companies have entered the Dubai market in recent times, but the entry of National Buildings Construction Corporation (NBCC) India Limited, holds a special significance.
NBCC is a Government of India-owned Public Sector Unit (PSU), which is one of the 26 state companies that have been accorded the ‘Navratna’ status (allowing them exemption from obtaining government permissions for various activities, including financial decisions of up to INR10,000 million, or US$111.3 million and forming joint ventures and subsidiaries, etc).
NBCC, through its construction and projects sector, has been in the UAE for a while, but the acquisition of the AED15 million (US$4.08 million) land parcel of 14,776.80 square feet area, by NBCC Overseas Real Estate, a wholly owned subsidiary of NBCC, marks the first development project in Dubai, as well as the first international real estate project by the company.
NBCC buys Dubai mainland mixed-use site
The project is expected to be G+2+8 floors of residential development for the mid-income segment.
In a mandatory filing with the National Stock Exchange, NBCC said: “The NBCC Overseas Real Estate LLC bought a prime land parcel of area worth AED15 million in Dubai Mainland for mixed-use development. The said work is in the normal course of business of the Company.”
NBCC had delivered the much-appreciated India Pavilion during Dubai Expo 2020.
Last month, NBCC (India) had signed a Memorandum of Understanding with Pantheon Elysee Real Estate Development LLC to co-develop residential, hospitality, and community projects across the UAE.
KP Mahadevaswamy, Chairman and Managing Director of NBCC (India) Limited, told Khaleej Times: “We have taken a big step in international real estate by starting our overseas real estate operations in Dubai through NBCC Overseas Real Estate LLC. We are excited about this venture and see strong potential to create quality, affordable housing for the Indian diaspora and other residents in Dubai.”
