The project aims to transform the site into a modern residential and commercial space, drawing on the expertise and resources of both organizations. NBCC noted that the project is estimated to be worth Rs 16 billion. The MoU signing took place in the presence of K P Mahadevaswamy, CMD of NBCC, and A Robert J. Ravi, CMD of MTNL.

MTNL, a public sector telecommunications company, and NBCC, a Navratna enterprise under the Ministry of Housing & Urban Affairs, have both committed to this development. NBCC will serve as the executing and implementing agency, handling the master planning, architectural design, and detailed project reports, ensuring the project adheres to local town planning regulations.

The project will be carried out in phases over a three-year period from the commencement date, with the aim of maximising residential and commercial benefits. MTNL will provide the land, free of any encumbrances, and assist with obtaining the necessary regulatory approvals, while NBCC will manage the project, including tendering, construction, and post-construction activities.

NBCC's core businesses include project management consultancy (PMC) and real estate development.