NBCC Wins Rs 3,500 Crore Mixed-Use Project in Lucknow

New Delhi, Jan 13 (PTI) State-owned NBCC (India) Ltd has bagged a Rs 3,500-crore work order in Lucknow for development of mixed use project.

In a regulatory filing on Monday, NBCC said it has entered into a Memorandum of Understanding (MoU) with Sarkari Awas Nirman Avam Vitt Nigam Ltd, under which the latter will award the works related to execution of mixed land use development of Poorvi Vihar, Lucknow admeasuring 588-acre to NBCC as Project Management Consultant (PMC).

NBCC has agreed to undertake and complete all works according to the terms and conditions set forth in the MoU.

"Subsequent to the signing of the MoU, NBCC has been assigned with the work of taking of the possession and planning, designing and development of encumbrance free site admeasuring 50 acres as phase 1 of the Project having approximate value of Rs 3,500 crore," the company said.

NBCC will execute the project on a 'deposit on work' basis and the agency charges 10 per cent on the actual cost of the project plus GST & taxes as per applicable rates.

NBCC is mainly into the PMC and real estate businesses.