NBCC India signs ₹5,152 crore redevelopment deal with Bihar govt.
NBCC India has signed an MOU with the Bihar government for four redevelopment projects in Patna, Phase-I. The projects are expected to generate sale/lease proceeds of approximately ₹5,152 crore. The tentative project cost is around ₹2,000 crore. This initiative will be self-financed by NBCC.
The deal involves multiple large-scale projects with a total expected sale/lease proceeds of over ₹5,000 crore, which is a material development for NBCC.
The announcement details a significant agreement for multiple redevelopment projects with substantial expected revenue, indicating positive business development for NBCC.
NBCC (India) Limited has signed a Memorandum of Understanding (MOU) with various departments of the Government of Bihar to undertake four redevelopment projects in Patna under Phase-I. The signing ceremony was attended by the Hon'ble Chief Minister of Bihar, Shri Samrat Choudhary, CMD of NBCC Shri K. P. Mahadevaswamy, and other dignitaries.
These projects will be undertaken on a self-financing basis without any budgetary assistance from the State Government. The proposed projects include the residential redevelopment of BSHB colonies at Sector 5 (TV Tower) and Sector 6 (Bahadurpur) in Patna, which will together provide 3,331 residential flats for EWS, LIG, MIG, and HIG categories, along with shopping complexes, clubhouses, gyms, community facilities, and office spaces.
Additionally, NBCC will develop a modern IT Tech Park for the Department of Information Technology (DIT), Bihar, at Gardanibagh, Patna, marking the state's first Tech Park. Another project involves developing hotels and commercial spaces at the Water Resources Department site on Bailey Road, Patna.
The expected sale/lease proceeds from these projects are approximately ₹5,152 crore, with a tentative project cost of approximately ₹2,000 crore (exclusive of GST). NBCC will receive PMC charges of 6% and a marketing fee of 1.25%. Further project-wise details will be provided in due course.
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