Air India to redevelop Vasant Vihar colony

Air India will be able to reduce its debt by Rs 4,500 crore through redevelopment of its residential colony in Delhi’s Vasant Vihar, said two officials aware of the matter. They said the National Building Construction Corporation (NBCC) has submitted a detailed plan for monetisation of the 30-acre space and it is expected to have a surplus of Rs 4,525 crore after deducting the construction cost. The total revenue from the project is expected to be Rs 7,000 crore. It plans to build multiple 14-storey buildings for 1,700 flats, along with 960 flats for the economically weaker sections (EWS), besides a school and community facility in the area.