Blitz Bureau
NEW DELHI: NBCC (India) Limited, Indian Government-owned enterprise, has entered Dubai’s real estate market, marking its first overseas venture as a real estate developer. The company’s wholly owned subsidiary, NBCC Overseas Real Estate LLC, has acquired a prime land parcel in Dubai Mainland for Dh15 million for a mixed-use development.
Realty firm Sobha Group has a big presence in the Dubai property market. Pradeep Sharma, Executive Director at NBCC, said the project will have a gross floor area of 51,718 sq ft. “It will predominantly be a residential development aimed at the mid-income segment,” he said, adding that the project is being positioned to cater to end-user demand.
In an interview with Khaleej Times, KP Mahadevaswamy, Chairman and Managing Director of NBCC (India) Limited, said the Dubai project marks 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,” he said. “We are excited about this venture and see strong potential to create quality, affordable housing for the Indian diaspora and other residents in Dubai.”
The NBCC’s entry into Dubai real estate was made possible through approvals and support from the Government of India and MoHUA as part of a broader strategic push for global expansion. The company’s business includes project management consultancy, engineering and real estate development. “NBCC’s management acted proactively, leveraging the company’s strong brand credibility and disciplined pricing approach. This move marks a key milestone in our growth journey,” he told Khaleej Times.
NBCC has been involved in several high-profile projects in India and overseas. The company recently completed some major projects, including the World Trade Centre in New Delhi, valued at around Dh1 billion, and Bharat Mandapam, the convention and exhibition complex in New Delhi, valued at about Dh1.2 billion.
The company gained prominence in India’s domestic real estate sector after being directed by the Supreme Court of India to take over and complete stalled Amrapali Group housing projects in Noida, bringing relief to thousands of homebuyers.
NBCC had earlier executed the India Pavilion at Dubai South for Expo 2020, a project valued at around Dh172 million, showcasing Indian design and execution capabilities on a global platform