PANAJI
Under a unique self-sustainable model, realty firm NBCC (India) Limited-National Buildings Construction Corporation, has taken up redevelopment projects worth Rs 10,000 crore from the Goa government, without any budgetary support from the State.
The State government and NBCC has signed a Memorandum of Understanding (MoU) for carrying out various development, redevelopment works in the coastal State that would be taken up in phased manner, starting with six projects at an estimated value of Rs 1,700 crore.
Sources said that while the government will not be spending any amount on the projects, it will grant necessary authorization, to NBCC to raise loan from financial institutions/banks to meet the initial expenditure, if required, by mortgaging land parcels which shall be repaid from the monetization revenue.
“The basic aim of the MoU is to ensure optimum utilization of the government assets while generating maximum revenue to the State,” sources said.
The government has granted in-principle approval for NBCC to execute six projects namely, redevelopment of Junta House, located at 18th June Road and currently housing several government offices, into a commercial establishment. The Government Garage, located at MG Road- Panaji will be also developed into a commercial space that includes offices and a hotel.
A new administrative building at Porvorim, redevelopment of circuit house and hotel at Altinho and demolition and redevelopment of government quarters at St. Inez. A mini Convention Centre at Patto is also proposed as a commercial project.
NBCC will also be responsible for feasibility study and funding for redevelopment of Vasco bus stand.
“The total plot area of these six projects is around 53,000 sq mts, with a built-up area of approximately 1,85,000 sq mts. The State government would also retain a portion of built-up area in these projects after meeting the project expenses,” sources said.
The collaboration aims to revitalize vacant and underutilized lands, as well as dilapidated buildings, thereby optimizing asset utilization and maximizing returns for the Government of Goa.
As per MoU, NBCC will work as Project Management Consultant (PMC) for any other development works in which Government of Goa is providing the funding such as education, health etc.
