PANAJI: The National Building Construction Corporation (NBCC) (India) Ltd has received approval to sell over 1.5 lakh sqm of built-up area in a prime location, primarily in Panaji, owned by the government of Goa. This amounts to more than double the built-up area assigned for the construction and redevelopment of seven projects undertaken by NBCC, which will include hotels, apartments, and office spaces for sale.
The total area for these projects exceeds 77,000 sqm, with a built-up area of over 2.1 lakh sqm. The government will retain more than 62,000 sqm of built-up area, while the saleable area stands at 1.5 lakh sqm.
On Monday, the state cabinet approved a Memorandum of Understanding between the Goa government and NBCC, a public sector undertaking, to develop these seven projects under a Public-Private Partnership model.
The projects include the redevelopment of Junta House in Panaji, Circuit House in Altinho, government quarters in St Inez, a government garage in Panaji, and the KTC bus stand in Vasco, along with the construction of Prashasan Stambh (administrative building) at Chimbel.
Chief Minister Pramod Sawant stated that the state government will retain 100% of the built-up area in the Prashasan Stambh and Circuit House projects. Additionally, the government will keep 24% of the built-up area in Junta House, 5% in the government garage, 25% in the government quarters, and 8% of the built-up area, along with 30% of the plot areas at the KTC bus stand in Vasco.
The government has approved the transfer of the Circuit House, government garage, and KTC bus stand to NBCC, with the remaining sites to be handed over once current occupants vacate.
“The foundation stone for some projects will be laid within 15 days,” Sawant announced.
The overall project cost will exceed Rs 1,700 crore, with additional operation and maintenance costs estimated at Rs 25 crore over five years.
The funding for the project will come from the freehold sale of commercial built-up areas in Junta House, the government garage, and the Vasco KTC bus stand.
Construction will proceed in phases and is expected to be completed within three years, with the commencement date for each project starting 30 days after the land is made encumbrance-free.
