"NBCC Secures Rs 3,500 Crore Work Order for Mixed-Use Development in Lucknow".

State-owned NBCC (India) Ltd has secured a significant Rs. 3,500-crore work order for a mixed-use development project in Lucknow. The company announced in a regulatory filing on Monday that it has signed a Memorandum of Understanding (MoU) with Sarkari Awas Nirman Avam Vitt Nigam Ltd. Under the agreement, NBCC will serve as the Project Management Consultant (PMC) for the execution of the mixed land-use development at Poorvi Vihar, spanning 588 acres in Lucknow.

The MoU outlines NBCC’s responsibility to manage and complete the development, starting with the possession, planning, design, and construction of a 50-acre encumbrance-free site as the first phase of the project, which is valued at approximately Rs 3,500 crore.

NBCC will operate on a 'deposit on work' basis, with the agency charging a 10% fee on the actual cost of the project, in addition to applicable GST and taxes.

Primarily focused on project management and real estate, NBCC is set to lead this significant development initiative in Uttar Pradesh.

ET