In a strategic move to accelerate urban redevelopment and unlock value from public assets, Housing and Urban Development Corporation Ltd (HUDCO) has signed two Memoranda of Understanding (MoUs) with NBCC (India) Ltd (NBCC).
Focus on redevelopment of prime Delhi asset
As part of the agreement, both entities will jointly undertake the redevelopment of a leasehold plot measuring approximately 18,830 sq. m at Block No. 25, August Kranti Bhawan, Bhikaji Cama Place in New Delhi. The collaboration will cover key aspects such as techno-economic feasibility studies, construction, project management, and monetization of built-up space.
Driving asset monetisation initiatives
In addition to redevelopment, HUDCO and NBCC will collaborate on asset monetization initiatives for NBCC’s self-sustainable model projects. These efforts aim to enhance the financial viability and long-term sustainability of such developments.
Defined roles and responsibilities
Under the MoU framework, HUDCO, subject to approvals from the Government of India, will provide funding support for NBCC’s ongoing and upcoming self-sustainable projects. NBCC, on the other hand, will be responsible for delivering project management and consultancy services.
Two-year strategic collaboration
The agreement between the two public sector entities will remain valid for a period of two years, setting the stage for coordinated efforts in urban infrastructure development and efficient asset utilization.