NBCC to Submit DPR for RINL Land Development in Vizag
State owned NBCC will submit the detailed project report to Rashtriya Ispat Nigam Limited by June end for steel maker’s 22.19 acre land in Visakhapatnam city, a popular tourist destination in Andhra Pradesh. NBCC said "NBCC is conducting the DPR on the project and submit it to RINL by end of June.”
In March 2021, construction firm NBCC had informed about signing a MoU with Rashtriya Ispat Nigam Ltd for redevelopment and monetisation of its 22.19 acre land in the port city. The redevelopment and monetisation would be undertaken on a self-sustainable model. NBCC shall be paid Project Management Consultancy fee at 7% of the estimated/approved project cost or actual project cost, whichever is lower. NBCC will also get a project marketing fee of 1 percent of actual sale proceeds on account of expenditure towards the appointment of the real estate consultant, publicity, marketing, and sale of commercial and residential spaces. Post signing of the MoU, RINL asked NBCC to conduct a DPR to ascertain the value of the land.
RINL is expecting to get around INR 1,000 crore from the sale of the land parcel in Maddilapalem which is a prime location situated about 3-4 km from the beach. The land is in the proximity of tourist attractions like zoo, Simhachalam temple, stadium etc.