NBCC seeks four-year Naya Raipur extension as work stalls

NBCC (India) Limited has requested a four-year extension for its Naya Raipur group-housing project after construction had not begun on Rs 20.9937 crore of leasehold land as of September 30, 2026. The existing construction period granted by the Naya Raipur Development Authority runs until June 26, 2027.

Why did NBCC seek more time for Naya Raipur construction?

NBCC sought four additional years because development of its 30,436-square-metre group-housing plot in Naya Raipur, Chhattisgarh, had not started by September 30, 2026. The company sent its extension request to the Naya Raipur Development Authority, or NRDA, on August 9, 2026, after NRDA had extended the construction period until June 26, 2027.

The land's carrying value was Rs 20.9937 crore at September 30, 2026, unchanged from March 31, 2026. NBCC said it was obtaining approvals from various authorities for development, while the lease deed remains unexecuted under the allotment terms.

The allotment requires a lease deed between NRDA and an owners' association or housing society that is yet to be formed. The disclosed sequence therefore includes development approvals, formation of the future association and NRDA's decision on the requested four-year extension; the filing does not say that the request has been approved.

What is holding up NBCC's Faridabad land?

NBCC's Faridabad group-housing plot remains held up because the conveyance deed and environmental clearance are pending. The environmental clearance depends on a no-objection certificate, or NOC, from the Forest Department for the 16,753.99-square-metre freehold plot.

The Faridabad land-bank value rose to Rs 132.3054 crore at September 30, 2026 from Rs 131.7841 crore at March 31, 2026. The Forest Department did not issue the NOC because clarification of deemed-forest criteria was pending before the Supreme Court and the Haryana government had not identified deemed forests, according to the filing.

NBCC asked the Haryana government either to enable the Forest Department to issue the NOC or to refund the amount paid with interest. It also requested intervention by Haryana's Additional Chief Secretary in a letter dated August 10, 2026. NBCC carried a Rs 10.7366 crore provision for a reduction in the land's net realisable value at September 30, 2026, compared with Rs 10.7365 crore at March 31, 2025.

Why is NBCC Plaza on hold?

NBCC Plaza is on hold because the Municipal Corporation of Delhi, or MCD, has sought Rs 32.2445 crore in additional floor area ratio, or FAR, charges before approving the building plan. The project covers additional shopping-cum-car-parking blocks at Pushp Vihar in New Delhi.

NBCC said it had already paid Rs 30.2178 crore to the Land and Development Office, or L&DO, in 2011 as an additional premium for the extra ground coverage. It has contested MCD's demand as dual charging by two authorities for the same component. Construction cost, including ground rent, was Rs 17.1884 crore through September 30, 2026.

Real-estate construction work in progress stood at Rs 47.4061 crore at September 30, 2026, almost unchanged from Rs 47.4051 crore at March 31, 2026. At an April 13, 2026 meeting chaired by the Minister of State for Housing and Urban Affairs, MCD was directed to place NBCC's request for conditional building-plan sanction before the competent authority or House to facilitate Phase II works.

NBCC said it would apply for a completion certificate and pay requisite additional FAR charges to MCD after Phase II work is completed. L&DO was also directed to consider whether a conditional lease deed could be executed. NBCC has provided Rs 9.5443 crore for construction expenditure at the project, unchanged from March 31, 2026.

What approvals does NBCC's Kochi project still need?

NBCC's Kochi project cannot sell units until it receives environmental clearance, or EC, and other statutory approvals. The group-housing development has 320,216 square feet of residential area and 4,424 square metres of commercial area on 3.18 acres of freehold land.

The project inventory had a carrying value of Rs 87.0091 crore at September 30, 2026. Its Real Estate Regulatory Authority registration expired in December 2024 and renewal was under process. The State Expert Appraisal Committee recommended EC at its July 21, 2023 meeting, but the clearance was put on hold amid litigation over the 2017 notification and 2021 Office Memorandum framework.

NBCC had written down Rs 80.1553 crore as an exceptional loss in the year ended March 31, 2025 after a Supreme Court ruling dated May 16, 2025. It reversed that amount in the year ended March 31, 2026 after the Court recalled the earlier judgment on November 18, 2025 and restored the underlying cases.

Following the Supreme Court's July 29, 2026 directions on EC applications already granted or pending consideration, NBCC asked the State Environment Impact Assessment Authority on August 5, 2026 to reconsider its case. The filing records that request, not the grant of an environmental clearance.

How do the project issues compare with NBCC's results?

NBCC's standalone revenue from operations rose to Rs 4,712.6597 crore in the six months ended September 30, 2026 from Rs 3,754.0210 crore a year earlier. Net profit increased to Rs 375.8886 crore from Rs 286.6276 crore over the same periods, while the project delays relate to the real-estate business rather than the whole company.

Project Management Consultancy, or PMC, generated Rs 4,603.3986 crore of six-month revenue, compared with Rs 75.6822 crore from real estate and Rs 11.4475 crore from engineering, procurement and construction, or EPC. Real-estate revenue increased from Rs 30.7792 crore a year earlier, whereas EPC revenue declined from Rs 110.1030 crore.

Real-estate segment profit before tax and interest was Rs 42.4024 crore in the six months ended September 30, 2026, against Rs 10.2100 crore in the prior-year period. The segment's assets were Rs 1,786.8562 crore at September 30, 2026, up from Rs 1,704.8269 crore at March 31, 2026, showing that the disclosed delayed assets form part of a broader real-estate balance.

Conclusion

NBCC's Naya Raipur request is one of several unresolved real-estate matters disclosed in its September 2026 results. Naya Raipur had Rs 20.9937 crore of land awaiting development, Faridabad had Rs 132.3054 crore tied to pending documentation and clearance, NBCC Plaza had Rs 47.4061 crore of work in progress on hold, and Kochi inventory stood at Rs 87.0091 crore pending EC and statutory approvals.

The next events to watch are NRDA's response to the August 9, 2026 extension request before the June 26, 2027 Naya Raipur deadline, Haryana's action on the Faridabad forest NOC, and MCD's consideration of conditional sanction for NBCC Plaza. For Kochi, the relevant disclosed milestone is the authority's response to NBCC's August 5, 2026 reconsideration request for environmental clearance.