NBCC, MTNL sign pact for Rs 1,600 cr worth housing-cum-commercial project

State-owned NBCC (India) Ltd has signed an initial pact to develop a Rs 1,600-crore worth housing-cum-commercial project on a 14-acre land parcel owned by MTNL on Pankha Road in the national capital.

In a statement on Thursday, NBCC said that it has signed a Memorandum of Understanding (MoU) with Mahanagar Telephone Nigam Ltd (MTNL) to collaborate and "develop a prominent land parcel of MTNL measuring approximately 13.88 acres located on Pankha Road, New Delhi."

This project aims to transform the land into a state-of-the-art residential/ commercial space, leveraging the expertise and resources of both organizations.

"The project is valued at Rs 1600 crore approximately," NBCC said.

The MoU was signed in the presence of K P Mahadevaswamy, CMD, NBCC, A Robert J. Ravi, CMD, MTNL.

MTNL, a leading public sector telecommunications company and NBCC, a Navratna enterprise under the Ministry of Housing & Urban Affairs, have committed to this development project.

"NBCC will act as the ...