NBCC Signs Pact With Bihar Govt To Develop 4 Residential, Commercial Projects for Rs 2,000 Cr

New Delhi: State-owned NBCC Ltd has signed an MoU with the Bihar government to develop four residential and commercial projects at a cost of Rs 2,000 crore.

In a regulatory filing on Monday, the company informed that “a Memorandum of Understanding has been signed with various departments of the Government of Bihar to undertake four redevelopment projects in Patna under Phase-I on a self-financing basis without budgetary assistance from the State Government”.

The MoU has been signed in the presence of Bihar Chief Minister Samrat Choudhary and NBCC’s CMD KP Mahadevaswamy.

There are two residential redevelopment projects in Patna, comprising 3,331 flats for EWS, LIG, MIG and HIG categories.

NBCC will develop an IT Tech Park for DIT Bihar at Gardanibagh in Patna and hotels/commercial spaces at the Water Resources Department site at Bailey Road in Patna.

“Pursuant to the Cabinet note of the Urban Development and Housing Department, Government of Bihar, and MOUs, the expected sale/lease proceeds would be Rs 5,152 crore. Further, the tentative project cost would be Rs 2,000 crore exclusive of GST,” NBCC said.

The PMC (project management consultancy) charges are 6 per cent and the marketing fee is 1.25 per cent, the company said.

NBCC is in the PMC and real estate businesses.

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