New Delhi: State-run NBCC (India) Limited on Thursday said that it has signed a memorandum of understanding (MoU) with Rashtriya Ispat Nigam Limited (RINL) for redevelopment and monetisation of land parcels at Maddilapalem, Visakhapatnam. The MoU has been signed by the representatives of both of organisations i.e. NBCC's General Manager (Engineering) & Head of Department (Business Development Division) Pradeep Sharma and RINL's General Manager (TA) MK Topno on February 26 in presence of other senior officials.
As per the MoU, the redevelopment and monetisation works of 22.19 acres of land parcels will be carried out by NBCC on a self-sustainable model. NBCC shall be paid a project management consultancy (PMC) fee at 7 percent of the estimated or approved project cost or actual project cost (whichever is lower). Further, NBCC shall also be paid a project marketing fee at 1 percent of actual sale proceeds on account of expenditure towards the appointment of real estate consultant, publicity, marketing, sale etc. of commercial and residential spaces.
"The value of the project shall be ascertained after preparation and finalization of detailed project report (DPR)," NBCC informed the bourses.
NBCC (India) Limited, formerly National Buildings Construction Corporation Limited, is a blue-chip Navratna enterprise and a PSU which trades publicly in the market. NBCC acquired 100 per cent stake in Miniratna hospital consultancy firm Hospital Services Consultancy Corporation Limited (HSCC) from the Ministry of Health and Family Welfare on November 6, 2018. The organisation acquired over 51 percent stake in Hindustan Steelworks Construction Limited (HSCL), a PSU under the Steel Ministry in 2017.
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