Shares of National Buildings Construction Corporation (NBCC) on Thursday surged after the Cabinet chaired by the Prime Minister Shri Narendra Modi approved redevelopment of seven General Pool Residential Accommodation (GPRA) colonies.
The three government residential colonies which will be redeveloped by NBCC are Sarojini Nagar, Netaji Nagar and Nauroji Nagar.
Central Public Works Department will redevelop the other four residential colonies in New Delhi.
There will be a total expenditure of Rs 32,835 crore which we are investing in dwelling units. After reconstruction, renovation and fresh construction, they could be increased from the present 12,970 to 25,667 dwelling units. This will help government employees who have to wait for long years to get government accommodation," Union Minister Ravi Shankar Prasad told a press conference.
Shares of the company were seen trading at Rs 218, higher by 12.08 per cent on BSE at 2.02 pm IST. The stock touched an intra-day high of Rs 222 during the trade.