State-owned NBCC (India) Ltd reportedly signed an initial agreement to develop a Rs 16 billion housing and commercial project on a 14-acre land parcel owned by MTNL on Pankha Road in New Delhi. According to a statement released on Thursday, NBCC announced that it had entered into a Memorandum of Understanding (MoU) with Mahanagar Telephone Nigam Ltd (MTNL) to collaborate on developing this significant land parcel, which measures approximately 13.88 acres.

The project is expected to transform the land into a modern residential and commercial space, leveraging the expertise and resources of both organisations. The MoU, signed in the presence of K P Mahadevaswamy, CMD of NBCC, and A Robert J. Ravi, CMD of MTNL, reflects the commitment of both parties to the development project.

NBCC will serve as the executing and implementing agency, overseeing master planning, architectural design, and the creation of detailed project reports while ensuring adherence to local town planning regulations. The project is planned to be carried out in phases over three years from the start date, with an emphasis on optimising both residential and commercial benefits.

MTNL is expected to provide the land free from encumbrances and assist with necessary regulatory approvals. Meanwhile, NBCC will manage the project, including tendering, construction, and post-construction activities. NBCC, primarily involved in project management consultancy and real estate, is set to handle the development of this project.