New Delhi: The Government of Bihar signed four Memoranda of Understanding (MoUs) with NBCC Limited for redevelopment projects in Patna under Phase 1.
Four projects planned under Phase-I
The projects will be developed on a self-financing basis, without any budgetary support from the Bihar Government.
The first two projects involve the residential redevelopment of Bihar State Housing Board (BSHB) colonies at Sector 5 (TV Tower) and Sector 6 (Bahadurpur) in Patna. Together, they are expected to provide 3,331 flats across the Economically Weaker Section (EWS), Low Income Group (LIG), Middle Income Group (MIG), and High Income Group (HIG) categories.
The residential developments will also include shopping complexes, clubhouses, gyms, community facilities, office spaces and other supporting infrastructure.
The third project is a modern IT Tech Park for the Department of Information Technology (DIT), Bihar, at Gardanibagh. It is planned as the first tech park in the state.
The fourth project involves the development of hotels and commercial spaces on a Water Resources Department site along Bailey Road.
Financial details
NBCC estimates that the four projects will generate sale and lease proceeds of approximately Rs 5,152 crore. The tentative project cost is around Rs 2,000 crore, excluding GST.
The company will receive project management consultancy (PMC) charges of 6% and a marketing fee of 1.25%.
The MoUs were signed in the presence of Bihar Chief Minister Samrat Choudhary, NBCC Chairman and Managing Director K. P. Mahadevaswamy, senior state government officials, and representatives of the company.
Project-wise details will be disclosed in due course. NBCC made the disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
