An MoU has been signed between NBCC (India) Limited and Mahanagar Telephone Nigam Limited (MTNL) for the collaborative development of a 13.88-acre land parcel located on Pankha Road in New Delhi.
The site, estimated to be worth approximately Rs.1,600 crore, will undergo conversion into both commercial and residential areas as part of the project.
According to a filing, the company intends to use both organizations' knowledge and assets to turn the property into an advanced residential/commercial area.
By utilizing NBCC's expertise in construction and development along with MTNL's valuable asset base, the objective of this project is to produce a contemporary and vibrant property.
The increasing trend of public-private partnerships in India's real estate industry is exemplified by this collaboration, which strives to revive crucial urban regions and optimize underutilized resources.
It is anticipated that the project will provide a combination of superior residential accommodations and commercial amenities, aiding in the advancement and revitalization of New Delhi's real estate scene.
NBCC has its headquarters in New Delhi, India and operates 31 regional offices throughout the country. Its projects span across various locations within India as well as international territories like Iraq, Libya, Nepal, Mauritius,Turkey,Botswana,Maldives, Yemen,Oman,UAE,Dubai,Africa among others.To date,NBCC has executed numerous distinguished ventures including government property revamp,hospital establishment,railway station development that include bridges,institutions & environmental structures.
The Atal Mission for Rejuvenation and Urban Transformation (AMRUT), Pradhan Mantri Gram Sadak Yojna (PMGSY), Solid Waste Management (SWM) projects, as well as developmental work in the North Eastern Region are assigned to NBCC by way of implementation.
On Thursday, NBCC and MTNL saw a decrease in their share values by 3.1% and 3.7%, respectively.
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