NEW DELHI: NBCC (India) Limited and Mahanagar Telephone Nigam Limited (MTNL) have entered into a Memorandum of Understanding (MoU) to develop a major land parcel in New Delhi worth £1600 crore. The project will focus on transforming a prominent 13.88-acre land parcel on Pankha Road into state-of-the-art residential and commercial space.
Under the agreement, NBCC will serve as the executing and implementing agency for the project. The company's responsibilities include master planning, architectural design, and preparation of detailed project reports, ensuring adherence to local town planning regulations. The development will be executed in phases over a three-year period, with a focus on maximising residential and commercial benefits.
MTNL, a leading public sector telecommunications company, will provide the land, free from encumbrances, and assist in securing the necessary regulatory approvals. NBCC will oversee project management, including tendering, construction, and post-construction activities.
The MoU was signed by key figures from both organisations, including K P Mahadevaswamy, Chairman and Managing Director (CMD) of NBCC, and A Robert J Ravi, CMD of MTNL.