NBCC, the government’s construction arm, has bagged a ₹15,000 crore project to develop a 406-acre satellite township in Srinagar, the company said.
The Srinagar Development Authority (SDA) and NBCC (India) Ltd have signed an MoU for implementing the development of a satellite township, the company said in a regulatory filing on August 9.
The project, scheduled for completion over five years, will be developed in phases. It will feature residential plots, luxury villas, apartment complexes, commercial office spaces, an indoor sports centre and a 200-key five-star resort equipped with modern facilities and amenities. Additionally, the project will incorporate approximately 3,200 affordable housing units, each with an area of 45 square meters, the company said in a statement.
Also Read: Razing of NBCC condo halted due to litigation in Delhi HC
The Srinagar township project
The satellite township at Rakh Gund Aksha, Bemina, Srinagar, is spread over approximately 406 acres. The project site is located adjacent to the upcoming Medi City and High Court Complex. NBCC will implement the project from ‘concept to commissioning’ as project management and marketing consultant at an estimated cost of ₹15,000 crore, the company said.
The MoU was signed by Owais Ahmed, vice chairman, SDA and Sanjay Gupta, executive director, NBCC, it said.
Also Read: NBCC sells 4.8 lakh sq ft of commercial space for ₹1905 crore in Delhi’s World Trade Centre
The project’s development cost, 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, it said.
NBCC is into project management consultancy and real estate business.
Also Read: After Amrapali, NBCC exploring more stressed real estate project options in Delhi-NCR and Mumbai
