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State-owned NBCC (India) Ltd on Monday (November 2) signed Memorandums of Understanding (MoUs) with various departments of the Bihar government to undertake four redevelopment projects in Patna under Phase-I, with expected sale and lease proceeds of approximately ₹5,152 crore.
The projects will be executed on a self-financing basis, without any budgetary assistance from the state government, the company said in a regulatory filing. The tentative project cost is estimated at around ₹2,000 crore, excluding Goods and Services Tax (GST).
The MoUs were signed in the presence of Bihar Chief Minister Samrat Choudhary, NBCC Chairman and Managing Director K P Mahadevaswamy, other state government dignitaries and NBCC officials.
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The four proposed projects include the residential redevelopment of Bihar State Housing Board (BSHB) colonies at Sector 5 (TV Tower) and Sector 6 (Bahadurpur) in Patna.
Together, the two residential projects will provide 3,331 flats across the Economically Weaker Section (EWS), Lower Income Group (LIG), Middle Income Group (MIG) and Higher Income Group (HIG) categories. The developments will also include shopping complexes, clubhouses, gyms, community facilities, office spaces and other supporting infrastructure.
The third project involves developing a modern Information Technology (IT) Tech Park for the Department of Information Technology (DIT), Bihar, at Gardanibagh, Patna.
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The proposed facility will be the state's first tech park. The fourth project involves developing hotels and commercial spaces at the Water Resources Department site on Bailey Road in Patna.
According to the filing, the expected sale and lease proceeds are based on the cabinet note of the Bihar government's Urban Development and Housing Department and the MoUs. NBCC will charge project management consultancy (PMC) fees of 6% and a marketing fee of 1.25%. The company said project-wise details would be provided in due course.
Shares of NBCC (India) Ltd ended at ₹76.25, up by ₹6.44, or 9.23%, on the BSE.
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