NBCC Gets a Mixed-Use Project in Lucknow for ₹3,500 Cr

NBCC (India) has secured a ₹3,500-crore contract to develop a mixed-use property in Lucknow, Uttar Pradesh. The project is part of an MoU with Sarkari Awas Nirman Avam Vitt Nigam. NBCC will act as the project management consultant for the development of a 588-acre site named Poorvi Vihar. In Phase I, NBCC will begin work on a 50-acre encumbrance-free site, focusing on planning, design, and development.

State-owned NBCC (India) Ltd has secured a significant contract valued at ₹3,500 crore for the development of a mixed-use project in Lucknow, Uttar Pradesh. This initiative is part of a Memorandum of Understanding (MoU) signed with Sarkari Awas Nirman Avam Vitt Nigam Ltd, under which NBCC will serve as the Project Management Consultant (PMC) for the expansive 588-acre Poorvi Vihar development.

Project Overview

The Poorvi Vihar project encompasses a total area of 588 acres designated for mixed-use development. As the PMC, NBCC’s responsibilities include overseeing the planning, design, and execution of the project’s various components, ensuring adherence to quality standards and timely completion.

Phase 1 Details

The initial phase focuses on a 50-acre encumbrance-free parcel within the larger site. NBCC will undertake comprehensive planning, designing, and development activities for this segment, with the phase valued at approximately ₹3,500 crore. This phase sets the foundation for subsequent development stages and is pivotal in achieving the project’s overall objectives.

Execution Model

The project will be executed on a ‘deposit work’ basis. Under this model, NBCC will charge an agency fee of 10% on the actual cost of the project, in addition to applicable Goods and Services Tax (GST) and other taxes. This financial structure ensures transparency and aligns the interests of both NBCC and the Sarkari Awas Nirman Avam Vitt Nigam Ltd.

Strategic Significance

This project aligns with NBCC’s core competencies in project management consultancy and real estate development. By undertaking the Poorvi Vihar development, NBCC reinforces its commitment to contributing to urban development and infrastructure enhancement in India. The project is expected to stimulate local economic growth, create job opportunities, and provide modern amenities to the residents of Lucknow.

Future Outlook

Upon successful completion of Phase 1, the project is poised to progress into subsequent phases, further expanding the mixed-use development across the remaining acreage. NBCC’s involvement in such large-scale projects underscores its position as a leading entity in India’s urban development sector. The company’s strategic approach and execution capabilities are anticipated to drive the project’s success and set a benchmark for future developments.

In summary, NBCC’s engagement in the Poorvi Vihar project marks a significant milestone in its project portfolio, reflecting its expertise in managing and executing large-scale urban development projects. The collaboration with Sarkari Awas Nirman Avam Vitt Nigam Ltd is expected to yield a modern, well-planned mixed-use development that caters to the evolving needs of Lucknow’s populace.

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