Construction firm NBCC Ltd has executed an MoU with Rashtriya Ispat Nigam Ltd (RINL) for redevelopment and monetisation of 22.19 acre of land in Visakhapatnam. The land parcel is located at Maddilapalem, Visakhapatnam. The redevelopment and monetisation would be undertaken on a self-sustainable model. NBCC will also get a project marketing fee at 1 per cent of actual sale proceeds on account of expenditure towards the appointment of real estate consultant, publicity, marketing, sale etc of commercial and residential spaces. The value of the project would be ascertained after the preparation and finalisation of the Detailed Project Report, add reports.