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NBCC to unveil new joint development policy tomorrow: Sources

PW Bureau

Under the new policy, NBCC will invite other companies to submit their expression of interest, while it will work as a project management consultant

New Delhi: Apart from taking up stalled infrastructure projects from battered builders, state-owned National Buildings Construction Corporation Limited (NBCC) has readied a policy that will allow it to jointly develop real estate projects.

“We are ready with the new policy under which NBCC will act as project management consultant or co-developer. An advertisement will be published soon. This is different from NBCC entering the fray to buy embattled firm Jaypee Infratech where it is participating as part of a resolution plan in NCLT,” a source said.

Sources also said that NBCC has submitted an expression of interest to purchase Jaypee Infratech, some of whose real estate projects have been delayed for over eight years.

The model is supposed to be unveiled on November 16. Under the new policy, NBCC will invite other companies to participate and submit their expression of interest, while the state-owned construction major will work as a project management consultant. “The new policy will concern selecting a co-developer and will be known as a joint development model policy,” the source said.

Sources also said that NBCC has submitted an expression of interest to purchase Jaypee Infratech, some of whose real estate projects have been delayed for over eight years. Other firms who have thrown their hats in the ring include Suraksha Asset Restructuring Company, Kotak Group, ICUBE and L&T.

The last date for submitting the expressions of interest was November 9. The provisional list of applicants will be prepared by November 19 and the last date for submission of objections to the provisional list is November 24. The list of prospective resolution applications will be issued on December 4. Applicants need to submit the resolution plan by January 5, 2019.