NBCC Signs ₹2,000 Crore Patna Redevelopment MoUs

NBCC (India) has signed memoranda of understanding with departments of the Bihar government for four redevelopment projects in Patna, with an estimated project cost of around ₹2,000 crore.

The projects are expected to generate sale and lease proceeds of approximately ₹5,152 crore under a self-financing redevelopment model.

Four Redevelopment Projects Planned in Patna

The proposed developments will cover around 34.34 acres and form part of Phase-I of the programme.

The residential component includes redevelopment of Bihar State Housing Board properties at Sector 5, near the TV Tower, and Sector 6 in Bahadurpur.

Together, the two residential projects are expected to provide 3,331 flats across economically weaker section (EWS), lower-income group (LIG), middle-income group (MIG) and high-income group (HIG) categories.

The plans also include shopping complexes, clubhouses, gyms, community facilities, office spaces and other supporting infrastructure.

The other two projects comprise a proposed modern IT Tech Park for the Department of Information Technology at Gardanibagh, described as Bihar’s first Tech Park, and hotels or commercial spaces at the Water Resources Department site on Bailey Road.

Self-Financing Model to Fund Development

NBCC said the projects will be undertaken without budgetary assistance from the Bihar government. The redevelopment model is based on monetising the developments to generate funds for the projects.

The tentative project cost is around ₹2,000 crore, exclusive of GST, while the expected sale and lease proceeds are approximately ₹5,152 crore.

NBCC’s project management consultancy (PMC) charges are 6%, and the marketing fee is 1.25%. Project-wise details are expected to be provided later.

The MoUs were signed in the presence of Bihar Chief Minister Samrat Choudhary, NBCC Chairman and Managing Director K. P. Mahadevaswamy, and other officials and dignitaries.

Avenue Towers E-Auction Generates ₹5,191 Crore

Separately, NBCC reported that its e-auction of residential units at Avenue Towers on Africa Avenue in New Delhi generated approximately ₹5,191.17 crore. The company described the transaction as its highest-ever sale value from a single residential e-auction.

The units covered a combined super built-up area of around 8.79 lakh square feet and were sold at an average rate of ₹59,014 per sq ft.

This was about 58.8% above the reserve price of approximately ₹3,268.83 crore. The highest bid reached ₹89,061 per sq ft.

NBCC said the proceeds will be used to finance ongoing redevelopment projects and meet financial obligations under the Ministry of Housing and Urban Affairs.

Also Read: NBCC Sells 111 Noida Flats for ₹416.53 Crore via E-Auction

NBCC Opens Branch Office in Australia

The company has also formally opened a branch office in Melbourne, Australia.

NBCC Australia will focus on project management consultancy and engineering, procurement and construction contracts in the Australian market.

NBCC is evaluating opportunities in social housing, hospitality, tourism, institutional infrastructure and transport, including potential projects linked to the Brisbane 2032 Olympic Games.

Also Read: NBCC, Bihar Sign Rs 2,000 Crore Deal for Patna Projects

Key Takeaways

• NBCC has signed MoUs for four Patna redevelopment projects with a tentative cost of ₹2,000 crore.
• The projects are expected to generate approximately ₹5,152 crore in sale and lease proceeds.
• Two residential redevelopment projects will provide 3,331 flats across EWS, LIG, MIG and HIG categories.
• The Avenue Towers residential e-auction in New Delhi generated approximately ₹5,191 crore.
• NBCC has opened a branch office in Melbourne as part of its international expansion.

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