NBCC Secures Rs 35 Billion Project for Mixed-Use Development in Lucknow

14 Jan 2025 CW Team

State-owned NBCC (India) Ltd has secured a Rs 35 billion work order for the development of a mixed-use project in Lucknow. In a regulatory filing on Monday, NBCC announced the signing of a Memorandum of Understanding (MoU) with Sarkari Awas Nirman Avam Vitt Nigam Ltd, which entrusts NBCC with the execution of the mixed-use development of Poorvi Vihar, a 588-acre site, as the Project Management Consultant (PMC).

As per the MoU, NBCC will handle all tasks as stipulated in the agreement. The first phase of the project involves taking possession and planning, designing, and developing a 50-acre encumbrance-free site valued at approximately Rs 35 billion.

The project will be executed on a "deposit work" basis, with NBCC charging 10% of the actual project cost as agency fees, plus applicable GST and other taxes.

NBCC, a prominent player in project management consultancy and real estate development, expressed confidence in completing the work as per the agreed terms.

(ET)

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