NBCC signs MoUs with Bihar Govt for four redevelopment projects worth Rs 2,000 crore in Patna

New Delhi: NBCC (India) Limited, a Navratna public sector enterprise, has signed Memorandums of Understanding (MoUs) with various departments of the Bihar government to undertake four major redevelopment projects in Patna under Phase-I, with an estimated investment of around Rs 2,000 crore.

The MoUs have been signed in the presence of Bihar Chief Minister Samrat Choudhary and NBCC Chairman and Managing Director K. P. Mahadevaswamy, along with senior officials from the state government and the company.

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The projects will be implemented on a self-financing model without requiring any budgetary support from the Bihar government. According to the cabinet note of the state's Urban Development and Housing Department, the tentative project cost is estimated at around Rs 2,000 crore, excluding GST. The projects are expected to generate approximately Rs 5,152 crore through sale and lease proceeds upon completion.

Under the agreement, NBCC will receive a project management consultancy (PMC) fee of 6 percent and a marketing fee of 1.25 percent.

The Phase-I development plan includes the residential redevelopment of Bihar State Housing Board (BSHB) colonies at Sector 5 (TV Tower) and Sector 6 (Bahadurpur) in Patna. Together, these two projects will deliver 3,331 residential units across economically weaker sections (EWS), lower income group (LIG), middle income group (MIG) and high income group (HIG) categories.

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The residential developments will also include shopping complexes, gyms, clubhouses, office spaces and other community facilities.

The other two projects involve the development of a modern IT Tech Park for the Department of Information Technology (DIT), Bihar, at Gardanibagh and the development of hotels and commercial spaces at the Water Resources Department site on Bailey Road, Patna. The proposed IT Tech Park will be the first such facility in Bihar.

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