NBCC (India) Limited, formerly known as National Buildings Construction Corporation Limited, will develop a 406-acre satellite township in Srinagar, Jammu and Kashmir. The project will be executed in phases and is scheduled for completion over a five-year period.
The township will encompass a variety of components. Upon completion, it will serve as the new town center for Srinagar residents and attract tourists.
According to a statement from NBCC, the township will include residential plots, luxury villas, apartment complexes, commercial office spaces, an indoor sports center, and a 200-key five-star resort equipped with modern facilities and amenities. Additionally, approximately 3,200 affordable housing units, each covering 45 square meters, will be incorporated into the development.
The Srinagar Development Authority (SDA) and NBCC (India) signed a Memorandum of Understanding (MoU) on Thursday for the development of this satellite township at Rakh Gund Aksha, Bemina, Srinagar. The project will span approximately 406 acres.
“NBCC will implement the project from ‘concept to commissioning’ as Project Management and Marketing Consultant at an estimated cost of Rs 15,000 crore,” stated NBCC.
The MoU was signed by Owais Ahmed, Vice Chairman of SDA, and Sanjay Gupta, Executive Director of NBCC. The signing was attended by Mandeep Kaur, Commissioner/Secretary of the Housing and Urban Development Department, Government of J&K; KP Mahadevaswamy, Chairman and Managing Director of NBCC; and Ravi Arora, Joint Secretary of the Ministry of Housing and Urban Affairs (MoHUA).
The project’s development costs, site infrastructure, facilities, amenities, and affordable housing units will be funded through a self-sustaining model, relying on revenue generated from the sale of villas, commercial spaces, and other components of the development.
“The project will also aim to achieve GRIHA or IGBC certification, ensuring it meets high standards of sustainability and environmental performance,” added NBCC.
NBCC (India) Limited is a Government of India Navratna Enterprise providing construction services. Incorporated in 1960 as a private limited company, it became a public limited company in 2011. NBCC is a central public sector enterprise under the Ministry of Housing and Urban Affairs, with operations across India and internationally, organized into three segments: Project Management Consultancy (PMC), Engineering Procurement & Construction (EPC), and Real Estate.
(With ANI Inputs)
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