Own a Piece of Kashmir: NBCC to develop residential plots and villas in new Srinagar township – Project details and amenities – Money News
Gone are the days when you were going to visit beautiful Kashmir valley once a year and stayed at some hotel or resort by paying rent, as now you can have your own plots and villas in a new residential township near Srinagar to be developed by Indian government owned-NBCC.
NBCC bags Rs 15,000 crore contract for Srinagar satellite township development
State-owned NBCC has won a major Rs 15,000 crore contract from the Jammu & Kashmir government to develop a 406-acre satellite township in Srinagar. The company, which specializes in project management consultancy and real estate, disclosed this development in a regulatory filing on Friday, stating that the project was awarded by the Srinagar Development Authority (SDA).
The satellite township will be located at Rakh-e-Gund Akshah, Bemina, in Srinagar, and will span over 406 acres. The contract, valued at Rs 15,000 crore, represents a significant milestone for NBCC.
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In a subsequent statement, NBCC confirmed the signing of a Memorandum of Understanding (MoU) with the Srinagar Development Authority on August 8 to implement the project. The site for the township is strategically positioned next 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 Rs 15,000 crore approximately,” the statement said.
The project, scheduled for completion over five years, will be developed in phases and will include a diverse range of components.
Own plots, villas, commercial office spaces in Kashmir
It will feature residential plots, luxury villas, apartment complexes, commercial office spaces, an indoor sports centre and a 200-key five-star resort. The project will incorporate about 3,200 affordable housing units, each with an area of 45 square meters.
“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,” NBCC said.
The project is set to achieve GRIHA or IGBC certification, ensuring it meets the highest standards of sustainability and environmental performance.
Upon completion, it will become the New Town Centre for Srinagar residents and is anticipated to be a major tourist attraction.
The MoU was signed by Owais Ahmed, Vice Chairman of SDA, and Sanjay Gupta, Executive Director of NBCC, in the presence of Mandeep Kaur, Commissioner/Secretary of the Housing and Urban Development Department, J&K Government; K P Mahadevaswamy, Chairman and Managing Director of NBCC; and Ravi Arora, Joint Secretary of the Ministry of Housing and Urban Affairs.
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