Wednesday, October 09, 2019

Air India to redevelop Vasant Vihar colony for Rs 4.5k-cr debt cut

New Delhi: Air India will be able to reduce its debt by Rs 4,500 crore through redevelopment of its residential colony in Delhi’s Vasant Vihar, said two officials aware of the matter.
 They said the National Building Construction Corporation (NBCC) has submitted a detailed plan for monetisation of the 30-acre space and it is expected to have a surplus of Rs 4,525 crore after deducting the construction cost.
The total revenue from the project is expected to be Rs 7,000 crore. It plans to build multiple 14-storey buildings for 1,700 flats, along with 960 flats for the economically weaker sections (EWS), besides a school and community facility in the area.
 “Currently, there are 810 flats in the colony and by constructing a 42-metre high building, we will be able to generate money, which will help in reducing the debt of Air India. The colony will be developed in two phases so that those living there do not have to relocate in one go,” said Neelesh Shah, director (projects), NBCC.
09/10/19 Faizan Haidar/Economic Times
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