The Union Ministry of Urban Development on 25 October 2016 signed a Memorandum of Understanding (MoU) with National Buildings Construction Corporation (India) Ltd and Central Public Works Department (CPWD).
The MoU was signed for the redevelopment of General Pool Residential Accommodation (GPRA) colonies in New Delhi.
Highlights of the MoU
• The NBCC will redevelop Sarojini Nagar, Netaji Nagar, Nauroji Nagar and CPWD will redevelop Kasturba Nagar, Thyagraj Nagar, Srinivaspuri and Mohammadpur.
• The total estimated cost of the project is 32835 crore rupees including maintenance and operation costs for 30 years.
• The cost of works assigned to NBCC will be 24682 crore rupees and to CPWD will be 7793 crore rupees.
• The project will be implemented on self-financing basis by sale of commercial Built up Area (BUA) of 8.07 lakh sqm constructed in Nauroji Nagar and parts of Sarojini Nagar by NBCC as a part of the project.
• Under the Project, the existing housing stock of 12970 will be replaced by approximately 25667 dwelling units, with supporting social infrastructure facilities.
• The construction of the project will be completed in five years in a phased manner.