📷 Photo: State House (Seychelles)
A 1,008-unit affordable housing scheme on Ile Aurore has moved from paper to contracts, after the Government of Seychelles and NBCC (India) Limited signed the formal agreement for the first phase of the project on the morning of 29 July 2026. The USD 75 million package is funded through the Export-Import Bank of India under the Line of Credit that was announced during President Patrick Herminie’s February 2026 State Visit to India.
Vice President Sebastien Pillay hosted the ceremony at his office, with Joseph Francois, Secretary of State for Lands, Housing and Infrastructure, signing on behalf of the Government of Seychelles, and Pradeep Sharma, Executive Director of NBCC, signing for the Indian state-run construction firm. The deal converts the original letter of intent that Seychelles issued to NBCC in March 2026 into a firm and executable contract, as CNBC TV18 reported on 29 July.
Under the agreement, NBCC will provide project management and consultancy services covering planning, design, procurement and execution of the development. The first phase, scheduled for completion by 2029, will deliver modern two-bedroom and three-bedroom apartments inside multi-storey residential buildings, the first high-rise affordable housing development of its kind in Seychelles. The package also includes a new sewage treatment plant serving Ile Aurore and surrounding areas, plus road and utility infrastructure, according to State House (29 July 2026).
The budget for this phase is drawn from the USD 175 million Special Economic Package that India announced for Seychelles during the February visit, which comprised a USD 125 million rupee-denominated Line of Credit and USD 50 million in grant assistance. The housing tranche is the largest single allocation within that package, linked to public housing, infrastructure development, mobility, capacity building and maritime security, as President Herminie told the press at State House on his return from the visit.
The Ile Aurore Master Plan, the wider national development into which the housing scheme fits, is expected to accommodate at least 1,800 residential units alongside schools, commercial facilities, recreational spaces and other public amenities. NBCC’s overseas order book has been growing steadily on the back of EXIM Bank Line of Credit contracts across Asia, Africa and the Indian Ocean region, and the Seychelles contract is one of the firm’s largest international project management mandates of the year, as Indian Masterminds reported on 29 July.
For Seychelles, the project represents the next milestone in a housing push that began in January with the signing of the first phase of the Ile Aurore dredging contract with Jan de Nul Dredging Ltd, which is creating more than 570,000 square metres of new land on the island for housing, infrastructure and small business use. Today’s agreement ties the new homes to that platform, addressing a housing deficit that the Government has called one of the most pressing social priorities of its term.
Sources cited: State House (Seychelles), 29 July 2026, “Seychelles and India sign landmark agreement for 1,008 affordable homes” (https://statehouse.gov.sc/news/7155/seychelles-and-india-sign-landmark-agreement-for-1008-affordable-homes); CNBC TV18, 29 July 2026, “NBCC signs $75 million Seychelles housing deal to build over 1,000 affordable homes” (https://www.cnbctv18.com/market/stocks/nbcc-india-share-price-signs-75-million-seychelles-housing-deal-to-build-over-1000-affordable-homes-19957248.htm); Indian Masterminds, 29 July 2026, “NBCC Signs USD 75 Million Agreement with Seychelles for Ile Aurore Housing Project” (https://indianmasterminds.com/news/psu-news/nbcc-seychelles-usd-75-million-ile-aurore-housing-project-220226/); State House (Seychelles), 25 February 2026, “President Herminie Outlines Key Outcomes of India State Visit” (https://statehouse.gov.sc/news/6788/president-herminie-outlines-key-outcomes-of-india-state-visit-at-state-house-press-conference).
