NBCC Secures Rs 35 Bn Work Order for Mixed-Use Development in Lucknow
State-owned NBCC (India) Ltd has secured a Rs 3,500 crore work order for the development of a mixed-use project in Lucknow. In a regulatory filing made on Monday, NBCC announced it had signed a Memorandum of Understanding (MoU) with Sarkari Awas Nirman Avam Vitt Nigam Ltd, which will award the works for mixed land-use development at Poorvi Vihar, Lucknow, covering an area of 588 acres. NBCC has been appointed as the Project Management Consultant (PMC) for this large-scale project. As per the MoU, NBCC is tasked with taking possession of the site and handling the planning, design, and development of a 50-acre encumbrance-free site as Phase 1 of the project. The approximate value of this initial phase is Rs 3,500 crore.
NBCC will execute the project on a ‘deposit on work’ basis, with a 10% charge on the actual cost of the project, in addition to applicable GST and taxes. NBCC, primarily involved in Project Management Consultancy and real estate development, continues to strengthen its position in the infrastructure sector.
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