NBCC, HUDCO partner for August Kranti Bhawan redevelopment, project funding

NBCC (India) Ltd. on Monday, April 13, said it has signed two memoranda of understanding (MoUs) with Housing and Urban Development Corporation Ltd. (HUDCO) to collaborate on redevelopment and funding of projects.Under the first agreement, NBCC and HUDCO will jointly work on the redevelopment of August Kranti Bhawan in Bhikaji Cama Place, New Delhi, spread over approximately 18,830 sq metres.

NBCC will be responsible for techno-economic feasibility studies, construction, project management and monetisation of built-up space, the company said in an exchange filing.
Also read: India’s housing market is being reshaped by how homes are designed, financed, and livedThe second MoU focuses on funding support for NBCC’s ongoing and upcoming projects under its self-sustainable model. HUDCO will provide financial assistance, while NBCC will offer project management and marketing consultancy services.

The company said the collaboration aims to accelerate project execution, enhance asset value and support urban infrastructure development.

Last month, NBCC received a work order worth about ₹58.61 crore from Maharaja Sriram Chandra Bhanja Deo University, Baripada, Mayurbhanj, Odisha. The nature of the contract is project management consultancy.

Shares of the company were trading 0.45% down at ₹88.78 as of 11.42 am on Monday. The stock has gained 6.73% over the past month.