Air India to redevelop Vasant Vihar colony for Rs 4,500 crore debt cut

Patricia Alphonso Oct 11, 2019 0

Debt-laden state carrier Air India may reduce its debt by Rs 4,500 crore through the redevelopment of its residential colony in Delhi’s Vasant Vihar. National Buildings Construction Corporation (NBCC) has reportedly submitted a detailed plan for monetisation of the 30-acre space in Delhi’s Vasant Vihar.

The state-owned carrier is expected to have a surplus of Rs 4,525 crore after deducting the construction cost of the project which is expected to bring in revenues of Rs 7,000 crore.

The company plans to build a 14-storey building with 1,700 flats, along with 960 flats for the economically weaker sections (EWS), besides a school and community facility in the 30-acre space.

“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.

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