NBCC (India) Ltd has signed a memorandum of understanding with the Government of Bihar for four redevelopment projects in Patna valued at approximately Rs 2,000 crore, excluding GST, the company said on Monday, November 2. The projects will be executed on a self-financing model, funded through proceeds from property sales and leases rather than state government budget allocations.

Source: Whalesbook

Two of the four Phase-I projects will redevelop Bihar State Housing Board colonies — the Sector 5 colony near the TV Tower and the Sector 6 colony at Bahadurpur. Together they will deliver 3,331 residential flats across EWS, LIG, MIG and HIG categories, along with shops, clubhouses, gyms and office space.

Source: TaxQue

The third project is a modern IT tech park at Gardanibagh, described as Bihar's first dedicated technology park. The fourth is a hotel and commercial development at the Water Resources Department site on Bailey Road.

NBCC said the four projects are expected to generate total sale and lease proceeds of about Rs 5,152 crore. As project manager, NBCC will earn a project management consultancy fee of 6 per cent and a marketing fee of 1.25 per cent, with no state budgetary support for the work.

Monday's signing follows the Bihar cabinet's earlier approval, on October 12, for an MoU with NBCC to develop the Gardanibagh technology park, which the state IT department has said is expected to attract more than 100 companies. NBCC said project-wise details would be shared later, and the MoUs are expected to be converted into definitive work orders.