Air India is set to raise around Rs 500 crore by developing 4.2 acres

Air India is set to raise around Rs 500 crore by developing 4.2 acres of vacant land near Delhi’s Connaught Place, the most expensive office location in the country, two people aware of the development said. State-run consultancy firm NBCC (India) Ltd has prepared a plan to monetise the debt-ridden national carrier’s vacant land at Baba Kharak Singh Marg near Connaught Place, they said. NBCC will construct and sell the commercial space and hand over the money to Air India. An NBCC official said that the vacant land is not stuck in any litigation and we plan to have a ground plus four level of commercial space, including two level of parking. The space will be sold in the open market for office and retail space. He added that NBCC expects to generate more than Rs 750 crore from the land parcel and after deducting the construction cost and project management consultancy, it will give around Rs 500 crore to the state-run airline.