New Delhi [India], August 9 : NBCC (India) Limited, formerly known as National Buildings Construction Corporation Limited, will develop a 406-acre satellite township in Jammu and Kashmir's Srinagar.
The township will be developed in phases and is scheduled for completion over a five-year period.
The satellite township will include a diverse range of components. Upon completion, the project will serve as the new town centre for Srinagar residents and a major attraction for tourists.
As per a statement from NBCC, a PSU company, the township 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.
Srinagar Development Authority (SDA) and NBCC (India), signed an MoU on Thursday for the development of a satellite township at Rakh Gund Aksha, Bemina, Srinagar, spread over approximately 406 acres.
"NBCC will implement the project from 'concept to commissioning' as Project Management and Marketing consultant at an estimated cost of Rs 15000 crore," NBCC said.
The MoU was signed by Owais Ahmed, Vice Chairman, SDA and Sanjay Gupta, Executive Director, NBCC. The MoU was signed in the presence of Mandeep Kaur, Commissioner/Secretary of the Housing and Urban Development Department, Government of J&K; KP Mahadevaswamy, Chairman and Managing Director, NBCC and Ravi Arora, Joint Secretary of the Ministry of Housing and Urban Affairs (MoHUA)
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," NBCC said.
NBCC (India) Limited is a Government of India Navratna Enterprise that provides construction services. The company was incorporated in 1960 as a private limited company and became a public limited company in 2011.
NBCC is a central public sector enterprise under the Ministry of Housing and Urban Affairs. The company has operations across India and overseas and is organized into three segments: Project Management Consultancy (PMC), Engineering Procurement & Construction (EPC), and Real Estate.
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