Aug 09, 2024 02:53 PM IST
The project will incorporate approximately 3,200 affordable housing units, each with an area of 45 square meters, said NBCC
New Delhi: The National Buildings Construction Corporation (NBCC India), a public sector undertaking (PSU) under the ministry of housing and urban affairs (MoHUA), on Friday said it will develop a satellite township spread over 406 acres in Jammu and Kashmir’s Srinagar.
This comes after a memorandum of understanding (MoU) was signed with the Srinagar Development Authority (SDA) on Thursday. The NBCC said that the project, scheduled for completion over five years, will be developed in phases and will include a diverse range of components.
The corporation said the project site at Rakh Gund Aksha, Bemina, Srinagar, adjacent to the upcoming Medi City and High Court Complex, 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, it added. The NBCC will also implement the project from ‘concept to commissioning’ as a project management and marketing consultant at an estimated cost of Rs.15,000 crore approximately, a press statement from the corporation said.
The PSU said that 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 PSU had reported an operational income of Rs.10,432.64 crore for the financial year ending March 2024, marking a growth of 17.53%. In a statement issued then, the NBCC had said that their encouraging financial performance was due to their diversified portfolio of redevelopment, infrastructure projects, project management consultancy, engineering procurement, and construction.
Other than executing works primarily from various government departments and PSUs across the country and abroad, the NBCC is also executing the completion of the stalled Amrapali projects in Noida based on the Supreme Court’s direction.
