State-owned NBCC (India) Ltd has signed an initial Memorandum of Understanding (MoU) with the Housing and Urban Development Corporation Ltd (HUDCO) to develop projects valued at over Rs 1.17 billion.

The MoU, signed by Sanjay Kulshrestha, Chairman and Managing Director of HUDCO, and K P Mahadevaswamy, Chairman and Managing Director of NBCC, aims to "execute transformative development projects in Panchkula, Kaushambi, Ahmedabad and New Delhi," NBCC said in a statement on Monday.

Under the agreement, NBCC will develop a commercial complex at Kaushambi in Ghaziabad, undertake an integrated redevelopment of HUDCO’s land parcel at Panchkula, Haryana, construct new blocks at HUDCO’s Regional Office in Ahmedabad, and reconstruct residential flats at the Asian Games Village Complex in the national capital.

“Together, these projects represent a combined investment of more than Rs 1.17 billion and will be executed on a turnkey basis by NBCC,” the statement added.