NBCC inks MoUs with DDA for ₹775 crore redevelopment of staff colonies

NBCC has signed two MoUs with DDA for redeveloping staff colonies at Old Rajinder Nagar and Safdarjung Development Area, securing Rs 775 crore in projects under a self-sustainable model

State-run NBCC on Friday inked two separate pacts with the Delhi Development Authority (DDA), securing redevelopment contracts worth Rs 775 crore for overhauling staff housing colonies in the national capital.

 

According to a regulatory filing, the contracts include DDA staff quarters at Old Rajinder Nagar (ORN) valued at Rs 437 crore and at Safdarjung Development Area (SDA) valued at Rs 337 crore. These regions currently have 269 units being used as staff quarters, 117 at ORN and 152 at SDA. 

“The memorandums of understanding (MoUs) entail the development of Built-up Area (BUA) of approximately 1.66 lakh square metres in both projects at a total cost of close to Rs 775 crore excluding GST,” NBCC posted on the bourses. 

 

However, it added that the envisaged BUA remains tentative and shall be finalised after a detailed survey and approval by the Detailed Project Report (DPR).

 

Proposed to be completed in a phased manner within the next three years, NBCC said that the redevelopment will be implemented on a self-sustainable model.

 

“The redevelopment will follow a self-sustainable model wherein a portion of the developed BUA will be sold through a transparent process, and the proceeds will be utilised to finance the project, while the remaining BUA, as decided by DDA, will be handed over for staff use,” the statement added.

 

NBCC's scope of work will include comprehensive master planning of about 4 hectares at each location, preparation of the DPR with detailed cost and revenue models and obtaining statutory approvals in compliance with Delhi Master Plan 2021 and Central Public Works Department (CPWD) norms.

 

It will also look after detailed architectural and engineering design, tendering and EPC-based construction, third-party quality audits and completion and commissioning of the projects.

 

On Friday, NBCC’s shares went down by 1.39 per cent, ending the day’s trade at Rs 92.73 apiece on the Bombay Stock Exchange (BSE).