NBCC (India) Limited, the public sector undertaking company under the Ministry of Housing and Urban Affairs, has made its debut foray into the Dubai real estate market by acquiring a property in Dubai Mainland for AED 15 million, according to reports. The acquisition involved a prime land parcel measuring 14,776.80 square feet.
This is the first overseas venture of the NBCC in the UAE, and the property has been acquired for mixed-use development. The venture is part of NBCC’s strategy to push for global expansion, making it the first Central Public Sector Undertaking (CPSU) to launch itself as a real estate developer in Dubai.
The project has a Gross Floor Area of 51,718 sq ft and a configuration of Ground floor + 2 floors above + Penthouse + 8 additional floors (often for parking/amenities). The expected revenue from the project is around AED 58-60 million. The expected revenue from the project is AED 58-60 million.
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NBCC chairman and MD K P Mahadevaswamy called the move a “significant milestone in the company’s global expansion.”
“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,” Mahadevaswamy told UAE-based Khaleej Times. “We are excited about this venture and see strong potential to create quality, affordable housing for the Indian diaspora and other residents in Dubai,” he added.
NBCC has been involved in several high-profile projects in India and overseas, including the World Trade Centre in New Delhi and Bharat Mandapam, the convention and exhibition complex in New Delhi.
Industry experts believe the UAE move will help the company further opportunities in the Emirate and potentially other global markets, building on this initial investment.