NBCC To Undertake Projects Worth Rs 10,000 Crore In Goa

Realty firm NBCC on Monday said it will undertake major development and redevelopment works in Goa worth Rs 10,000 crore.

"These projects are to be taken up in phases. In the first phase, 6 projects in Goa are set to be taken up for execution with an estimated value of more than Rs 1,700 crore by NBCC," the company said in a statement.

Under a unique self-sustainable model, these projects will be developed without any budgetary support from the Goa government.

However, the state government will have to authorise NBCC to raise loans from financial institutions/banks to meet the initial expenditure, if required, by mortgaging land parcels, which will be repaid from the monetisation revenue.

Earlier, NBCC had inked an MoU with the state government for carrying out various development/redevelopment works in Goa. Under the MoU, such works will be undertaken in a phased manner.

As per the in-principle approval, NBCC will execute 6 projects in Goa.

These are commercial (retail & office/hotel) space at Junta House, 18th June Road, Panjim; commercial (retail & office/hotel) space at Govt Garage, M G Road, Panjim; administrative building at Porvorim; circuit house and hotel at Altinho, Panjim; commercial and residential space for government quarters at St Inez; and commercial (retail & office/hotel) space for Mini Convention Centre at Tiswadi Patto.

The total plot area of these six projects is around 53,000 sq metres, with a built-up area of about 1,85,000 sq metres.

"The expected revenue generation from these projects will be more than 1,700 crore. In addition to the above projects, NBCC shall also be responsible for feasibility study and findings of the redevelopment of Vasco bus stand," the statement said.

The Goa government would also retain a portion of the built-up area in the above projects after meeting the project expenses.

NBCC will also work as a Project Management Consultant (PMC) for any other development works in which the state government is providing funding for education, health or any other works as deemed fit from time to time.