State-owned NBCC (India) Ltd on Thursday announced a significant partnership with the Rajasthan State Industrial Development and Investment Corporation (RIICO), signing a Memorandum of Understanding (MoU) for infrastructure projects near Jaipur International Airport, valued at approximately ₹3,700 crore. The development is aimed at positioning Jaipur as a global destination for conventions, retail, and cultural activities.
Project Overview
The MoU covers the development of a 95-acre land parcel along Tonk Road, which includes:
- Rajasthan Mandapam Convention Centre – A state-of-the-art venue designed to host international and domestic conferences, exhibitions, and conventions.
- Unity Mall – A premier commercial and retail complex.
- Allied commercial and cultural infrastructure – Facilities intended to enhance Jaipur’s tourism, business, and cultural landscape.
The project combines modern architectural design and international standards with Jaipur’s rich cultural heritage, reflecting the city’s unique blend of tradition and modernity.
MoU Signing Ceremony
The signing ceremony in Jaipur was attended by key dignitaries:
- Rajasthan Chief Minister Bhajan Lal Sharma
- Industry Minister Col. Rajyavardhan Singh Rathore
- Chief Secretary Sudhansh Pant
- Additional Chief Secretary to the CM & RIICO Chairman Shikhar Agrawal
- NBCC Chairman & Managing Director K.P. Mahadevaswamy
Senior officials from both NBCC and RIICO were also present, emphasizing the strategic significance of this public-private collaboration.
Project Execution and Funding
As the exclusive executing agency, NBCC will manage the project end-to-end, including:
- Master planning and architectural design
- Engineering and construction
- International-standard marketing and commercial management
The project will adopt a self-financing model. Funding details include:
- An initial interest-free advance of ₹50 crore provided by RIICO
- Further mobilisation through sale and lease of built-up spaces and plots
- Possible leverage of public financial institutions to ensure timely project execution
Additionally, the government has earmarked up to ₹635 crore in financial support for the Rajasthan Mandapam, underscoring the project’s strategic importance.
A joint empowered committee comprising representatives from NBCC and RIICO will monitor progress, quality, and timelines, ensuring delivery within 30 months of receiving all statutory and internal approvals.
Strategic Significance
This project marks a key milestone in the partnership between the Government of India and the Government of Rajasthan, highlighting NBCC’s role as a pioneer in executing large-scale infrastructure projects. Once completed, the development is expected to:
- Strengthen Jaipur’s position as a hub for international conventions and tourism
- Boost the regional economy through job creation and increased commercial activity
- Promote cultural initiatives alongside modern infrastructure
- Enhance urban connectivity and airport-adjacent facilities, benefiting travelers and businesses alike
NBCC’s involvement brings its expertise in construction, project management, and urban infrastructure development, ensuring a world-class execution aligned with global standards.
Economic and Social Impact
The project is expected to generate substantial employment opportunities during construction and operational phases, while also creating ancillary economic benefits for local businesses. By combining convention, retail, and cultural infrastructure, the initiative will serve as a catalyst for regional growth, attracting both domestic and international investors.
With a completion target of 30 months, the Jaipur airport infrastructure development will emerge as a model project for similar urban and airport-centric developments across India.
Summary
- MoU Signed: NBCC partners with RIICO for Jaipur airport-area development worth ₹3,700 crore.
- Project Scope: Rajasthan Mandapam Convention Centre, Unity Mall, and allied commercial and cultural infrastructure on 95 acres.
- Execution: NBCC to manage master planning, design, engineering, construction, and marketing.
- Funding: Interest-free ₹50 crore advance from RIICO, self-financing model, potential public financing support, and government aid of up to ₹635 crore.
- Timeline: Completion targeted within 30 months of approvals.
- Strategic Impact: Boosts Jaipur as a global conventions and retail hub, promotes culture, creates jobs, and enhances airport connectivity.
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