NBCC (India) Limited, a Navratna CPSE under the Ministry of Housing and Urban Affairs, has signed a Memorandum of Understanding with the Ghaziabad Development Authority (GDA) for the ₹642.82 crore redevelopment of the Tulsi Niketan Scheme Area. The MoU was formally signed by Shri Rajesh Kumar Singh, IAS, Secretary, GDA and Shri Pradeep Sharma, Executive Director (Engg.) & RBG-Head, Business Development Division, NBCC (India) Ltd., marking a major step towards modern, sustainable urban transformation in Ghaziabad.
The Tulsi Niketan Scheme Area, spread across more than 78,000 square metres and comprising close to 2300 residential units and 64 shops, will undergo a complete redevelopment based on a self-sustainable model. It is proposed to fund this redevelopment by commercially utilising certain part of the area.
As part of this partnership, NBCC will initiate a detailed feasibility study, while GDA will provide all necessary land documents, site details, and administrative support for due diligence. Upon approval of the feasibility, NBCC will take up the role of the implementing agency and will be responsible for the entire redevelopment process, including planning, design, construction, financial management, marketing and sale of built-up areas, and resettlement of existing occupants.
All project revenues will be managed through a jointly operated escrow account to ensure complete transparency in fund flow and utilisation. Oversight of the project will be carried out by an Empowered Committee composed of officials from both GDA and NBCC, which will monitor progress, approve designs and estimates, and guide the project from planning to execution.
Rehabilitation and resettlement of current beneficiaries will be undertaken in a structured and time-bound manner, with GDA providing verified beneficiary lists and NBCC managing the on-ground implementation. The redevelopment of Tulsi Niketan aims to transform the area into a modern, well-planned, and future-ready residential complex equipped with improved infrastructure, enhanced facilities, and a sustainable urban environment. With this MoU, NBCC and GDA reaffirm their commitment to driving quality infrastructure development and improving the standard of living for citizens.
NBCC has been a pioneer in the space of redevelopment on self-sustainable mode. After successfully completing New Motibagh and East Kidwai Nagar GPRA projects, it is also executing the redevelopment of Sarojini Nagar and Netaji Nagar in New Delhi. The redevelopment of Nauroji Nagar has been completed and the world class World Trade Center in Nauroji Nagar was inaugurated early this year by Hon’ble Prime Minister of India, Shri Narendra Modi. NBCC is already working on various redevelopment/development projects in Goa, Jammu and Kashmir, Kerala, Rajasthan. NBCC has also partnered with prominent Public Sector Undertakings (PSUs) for redevelopment/monetisation projects.
