NBCC, MTNL Join Forces for Rs 1,600 Crore Development Project in New Delhi

NBCC and Mahanagar Telephone Nigam Limited (MTNL) have teamed up for a Rs 1,600 crore project to develop a 13.88-acre land parcel on Pankha Road, New Delhi. The companies signed a memorandum of understanding (MoU) to convert the site into a modern residential and commercial space. 

The project will leverage NBCC's construction expertise and MTNL's strategic assets to create a state-of-the-art property, further revitalizing New Delhi’s real estate landscape. This collaboration underscores the growing trend of public-private partnerships in India’s real estate sector, focusing on maximizing underutilized urban spaces.

Following the announcement, shares of both NBCC and MTNL gained around 3 percent on September 12. NBCC, which has seen its stock rise 113 percent so far this year, ended the previous session 3.1 percent lower at Rs 174.85 on the National Stock Exchange (NSE). Over the past 12 months, NBCC has delivered a strong return of 219 percent, far outpacing Nifty’s 28 percent increase.

Meanwhile, MTNL shares, which have surged 62 percent year-to-date, closed 3.7 percent lower at Rs 53.98 in the previous session. Over the last year, the stock has risen 126 percent, more than doubling investors' capital, compared to a 28 percent rise in Nifty.

This project is expected to offer a mix of high-quality residential units and commercial facilities, contributing significantly to the growth and modernization of the region.