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NBCC (India) inks MoU with RINL to monetise land in Visakhapatnam

Friday, 05 Mar 2021
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The state-owned construction firm NBCC (India) has executed a memorandum of understanding (MoU) with Rashtriya Ispat Nigam (RINL) for redevelopment and monetisation of 22.19 acre of land in Visakhapatnam, Andhra Pradesh.

The land parcel is located at Maddilapalem, Visakhapatnam. The MoU was signed on 26 February 2021. The project will be undertaken on a self-sustainable model.

NBCC (India) will be paid project management consultancy (PMC) fee at seven percent of the estimated/approved project cost or actual project cost (whichever is lower).

NBCC (India) will also get a project marketing fee at one percent of actual sale proceeds on account of expenditure towards the appointment of real estate consultant, publicity, marketing, sale, etc of commercial and residential spaces.

The value of the project will be ascertained after preparation and finalisation of the detailed project report (DPR).

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