NBCC (India) Limited and Mahanagar Telephone Nigam Limited (MTNL) have signed a memorandum of understanding (MoU) to jointly develop a 13.88-acre land parcel on Pankha Road, New Delhi.
The project, valued at around Rs 1,600 crore, will convert the site into residential and commercial space. "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 company said in an exchange filing.
The development aims to leverage NBCC's construction and development experience along with MTNL's strategic asset base to create a modern and dynamic property. This partnership highlights the growing trend of public-private collaborations in India's real estate sector, aimed at revitalizing key urban areas and maximizing the potential of underutilized assets.
The project is expected to offer a mix of high-quality residential units and commercial facilities, contributing to the growth and modernization of New Delhi’s real estate landscape.
