By NSB.News
NBCC (India) Limited and Mahanagar Telephone Nigam Limited (MTNL) signed a significant Memorandum of Understanding (MoU) in New Delhi to jointly develop a prominent land parcel of approximately 13.88 acres on Pankha Road.
The landmark project, valued at approximately Rs 1600 crore, aims to transform this land into a state-of-the-art residential and commercial space, utilizing the expertise and resources of both organizations.
The MoU was signed in the presence of key officials including Shri K.P. Mahadevaswamy, CMD of NBCC; Shri A. Robert J. Ravi, CMD of MTNL; Shri Suman Kumar, Director (Commercial) of NBCC; Shri Kalyan Sagar, Director (HR) of BSNL; Shri Ratan Mani Sumit, Company Secretary of MTNL; Smt. Reshma Dudani, Sr. Executive Director (Engg.) of NBCC; and Shri Devender Yadav, GM (Land Monetisation) of MTNL.
As part of the agreement, NBCC will act as the executing and implementing agency, overseeing master planning, architectural design, and detailed project reports while ensuring compliance with local town planning norms. The development will be carried out in phases over three years, focusing on maximizing residential and commercial benefits.
MTNL will provide the land free from encumbrances and assist with regulatory approvals, while NBCC will handle project management, including tendering, construction, and post-construction activities.