New Delhi: State-owned NBCC (India) Limited has signed an initial pact to develop a Rs 1,600-crore worth housing-cum-commercial project on a 14-acre land parcel owned by MTNL on Pankha Road in the national capital.
In a statement on Thursday, NBCC said that it has signed a Memorandum of Understanding (MoU) with Mahanagar Telephone Nigam Ltd (MTNL) to collaborate and "develop a prominent land parcel of MTNL measuring approximately 13.88 acres located on Pankha Road, New Delhi."
This project aims to transform the land into a state-of-the-art residential/ commercial space, leveraging the expertise and resources of both organizations.
"The project is valued at Rs 1600 crore approximately," NBCC said.
The MoU was signed in the presence of K P Mahadevaswamy, CMD, NBCC, A Robert J. Ravi, CMD, MTNL.
MTNL, a leading public sector telecommunications company and NBCC, a Navratna enterprise under the Ministry of Housing & Urban Affairs, have committed to this development project.
"NBCC will act as the executing and implementing agency for the development of the land parcel. It will handle the master planning, architectural design, and detailed project reports, ensuring compliance with local town planning norms," the statement said.
The project will be executed in phases over a period of three years from the date of commencement of the project, with a focus on maximizing both residential/ commercial benefits.
"MTNL will provide the land, free from encumbrances and assist with necessary regulatory approvals. NBCC will be responsible for project management, including tendering, construction and post-construction activities," it added.
NBCC is mainly into project management consultancy (PMC) and real estate businesses.
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