Shares of NBCC and Mahanagar Telephone Nigam Limited (MTNL) gained around 3 percent on September 12 as the companies signed a memorandum of understanding (MoU) to jointly develop a 13.88-acre land parcel on Pankha Road, New Delhi.
The project, valued at around Rs 1,600 crore, will convert the site into residential and commercial space.
"This project aims to transform the land into a state-of-the-art residential/commercial space, leveraging the expertise and resources of both organizations. The development aims to leverage NBCC's construction and development experience along with MTNL's strategic asset base to create a modern and dynamic property," the company said in an exchange filing.
This partnership highlights the growing trend of public-private collaborations in India's real estate sector, aimed at revitalizing key urban areas and maximizing the potential of underutilized assets.
The project is expected to offer a mix of high-quality residential units and commercial facilities, contributing to the growth and modernization of New Delhi’s real estate landscape, it added.
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In the previous session, NBCC shares ended 3.1 percent lower at Rs 174.85 on the National Stock Exchange (NSE). The stock has gained around 113 percent so far this year, outperforming Nifty's returns of 14 percent.
In the past 12 months, NBCC stock has risen around 219 percent. In comparison, Nifty rose 28 percent during this period.
Meanwhile, MTNL shares ended 3.7 percent down at Rs 53.98 on the National Stock Exchange (NSE) in the previous session. The stock has gained around 62 percent YTD, compared to Nifty's rise of 14 percent.
The counter has surged 126 percent in the past one year, more than doubling investors' capital. In comparison, Nifty rose 28 percent.
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