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Rajasthan State Industrial Development and Investment Corporation (RIICO) officially signed an agreement with the National Buildings Construction Corporation (NBCC) for the development of prestigious projects at the Rajasthan Mandapam and associated infrastructure near Jaipur International Airport, Tonk Road, Jaipur.
This project, valued at approximately INR 3,700 crore, marks a significant milestone in the partnership between the Indian government and the Rajasthan government.
The signing ceremony in Jaipur was attended by dignitaries including Shri Bhajan Lal Sharma, the Honorable Chief Minister of Rajasthan; Colonel Rajyavardhan Singh Rathore, the Honorable Industries Minister of Rajasthan; Shri Sudhansh Pant, Chief Secretary of the Rajasthan government; Shri Shikhar Agrawal, Chief Secretary to the Chief Minister; and Shri K.P. Mahadevaswamy, Chairman and Managing Director of NBCC, among other distinguished guests.
RIICO, tasked as the implementing agency, will lead the transformation of a prime 95-acre land parcel through master planning, architectural design, engineering, construction, and international standard marketing. The project will include the Rajasthan Mandapam Convention Center, Unity Mall, and related commercial and cultural infrastructure, establishing Jaipur as a premier destination for global conferences and retail innovation.
With the aim to complete the project within 30 months of obtaining statutory and internal approvals, RIICO will provide an initial interest-free advance of INR 50 crore to NBCC, while the remaining funds will be raised through the sale and lease of built-up spaces and planned land parcels. RIICO will implement a robust self-financing model and seek assistance from public financial institutions when necessary.
The commitment to deliver the project, including government financial support of up to INR 635 crore for the Rajasthan Mandapam, showcases a transparent, accountable, and timely execution approach. A joint empowered committee will oversee progress, design, and achievements, ensuring strict monitoring and quality assurance.
