State-owned NBCC (India) Ltd has signed a Memorandum of Understanding (MoU) with Housing and Urban Development Corporation Ltd (HUDCO) for development projects across four cities with a combined value of ₹117 crore.
The agreement, signed on September 22, was formalised between HUDCO Chairman and Managing Director Sanjay Kulshrestha and NBCC Chairman and Managing Director K P Mahadevaswamy. Both entities said the collaboration will focus on executing projects that combine redevelopment, commercial construction and residential rebuilding.
According to NBCC’s statement, the scope of works includes development of a commercial complex at Kaushambi in Ghaziabad, redevelopment of HUDCO’s land parcel in Panchkula, construction of new office blocks at HUDCO’s regional office in Ahmedabad, and reconstruction of residential flats at the Asian Games Village Complex in New Delhi.
NBCC confirmed that the projects will be delivered on a turnkey basis, meaning the company will oversee the entire chain of execution from design and planning to construction and final handover. Together, the assignments represent a combined investment of over ₹117 crore.
The MoU reflects HUDCO’s focus on leveraging NBCC’s expertise in large-scale construction and redevelopment projects. NBCC has been increasingly involved in executing public sector and government-linked projects in recent years, including housing redevelopment, commercial complexes and institutional infrastructure.
HUDCO, a public sector financial institution, provides funding support for housing and urban infrastructure projects across India. By partnering with NBCC, it aims to utilise its land holdings more effectively while ensuring timely delivery of construction and redevelopment initiatives.
The Panchkula project will involve redevelopment of existing HUDCO land assets, while in Kaushambi the emphasis will be on creating a modern commercial complex to enhance utilisation of the site. In Ahmedabad, NBCC will construct additional blocks at HUDCO’s regional office, strengthening its operational presence in Gujarat. Meanwhile, in Delhi, reconstruction of residential flats at the Asian Games Village Complex is expected to address the need for modern housing facilities within the capital.
NBCC, listed on the stock exchanges, is a Navratna enterprise under the Ministry of Housing and Urban Affairs. The company has been positioning itself as a key government project execution agency, with several redevelopment projects in Delhi-NCR and other urban centres under progress.
With the new MoU, NBCC’s project portfolio further expands into diversified segments including commercial, residential, and institutional assets. Both organisations said the initiative aligns with broader urban development objectives and will contribute to improved infrastructure across the identified cities.
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