Srinagar: The National Buildings Construction Corporation (NBCC India), a public sector enterprise under the Ministry of Housing and Urban Affairs, announced plans to develop a satellite township over 406 acres in Srinagar, Jammu and Kashmir.
This follows a memorandum of understanding (MoU) signed with the Srinagar Development Authority (SDA) last week. The NBCC stated that the project, which will be completed in phases over five years, will include a wide range of components.
The project site, located at Rakh Gund Aksha, Bemina, Srinagar, near the upcoming Medi City and High Court Complex, will feature residential plots, luxury villas, apartment complexes, commercial office spaces, an indoor sports center, and a 200-key five-star resort with modern amenities. Additionally, the project will include approximately 3,200 affordable housing units, each covering 45 square meters.
The NBCC will manage the project from conception to completion as a project management and marketing consultant, with an estimated development cost of around Rs15,000 crore, according to a press release from the corporation.
The PSU stated that the project’s costs, including site infrastructure, facilities, 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 development components.
For the financial year ending March 2024, the PSU reported an operational income of Rs.10,432.64 crore, reflecting a 17.53% growth. The NBCC attributed this positive financial performance to its diversified portfolio, which includes redevelopment, infrastructure projects, project management consultancy, engineering procurement, and construction.
In addition to executing projects for various government departments and PSUs domestically and internationally, the NBCC is also completing the stalled Amrapali projects in Noida as directed by the Supreme Court.
