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).
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.