NBCC (India) Limited has inked a Memorandum of Understanding (MoU) with the Rajasthan State Industrial Development & Investment Corporation Limited (RIICO) to develop the landmark Rajasthan Mandapam and allied infrastructure near Jaipur International Airport on Tonk Road. Valued at approximately Rs 3,700 crore, the project marks a significant milestone in strengthening cooperation between the Government of India and the Government of Rajasthan.

The MoU was signed at a ceremony in Jaipur attended by Rajasthan Chief Minister Shri Bhajan Lal Sharma, Industry Minister Col. Rajyavardhan Singh Rathore, Chief Secretary Shri Sudhansh Pant, Additional Chief Secretary to CM and RIICO Chairman Shri Shikhar Agrawal, and NBCC CMD Shri K.P. Mahadevaswamy, among other senior officials.

As the exclusive executing agency, NBCC will transform a 95-acre land parcel with master planning, architecture, engineering, construction and international-standard marketing. The development will include the Rajasthan Mandapam Convention Centre, Unity Mall, and other commercial and cultural facilities aimed at positioning Jaipur as a global hub for conventions and retail innovation.

RIICO will provide an initial interest-free advance of Rs 50 crore, while NBCC will raise the remaining funds through the sale and lease of built-up spaces and planned plots, adopting a self-financing model and leveraging public financial institutions where needed. The government has also committed up to Rs 635 crore to support the Rajasthan Mandapam component of the project.

A joint empowered committee will oversee the project’s progress, designs and milestones to ensure transparency, quality and timely delivery. The entire project is expected to be completed within 30 months after statutory and internal approvals.