NEW DELHI: State-owned construction firm NBCC Ltd on Thursday said it has executed an MoU with Rashtriya Ispat Nigam Ltd (RINL) for redevelopment and monetisation of 22.19 acres of land in Visakhapatnam.
The land parcel is located at Maddilapalem, Visakhapatnam. The MoU (Memorandum of Understanding) was signed on February 26. The redevelopment and monetisation would be undertaken on a self-sustainable model.
"NBCC shall be paid Project Management Consultancy (PMC) fee at 7 per cent of the estimated/approved project cost or actual project cost (whichever is lower)," the company said in a regulatory filing.
NBCC will also get a project marketing fee at 1 per cent of actual sale proceeds on account of expenditure towards the appointment of real estate consultant, publicity, marketing, sale etc of commercial and residential spaces.
The NBCC said that the value of the project would be ascertained after the preparation and finalisation of the Detailed Project Report (DPR).