The Srinagar Development Authority (SDA) and National Buildings Construction Corporation (NBCC) have signed an MoU to develop a satellite township at Rakh Gund Aksha, Bemina, Srinagar, spanning 406 acres. The project, costing approximately INR 15,000 crore, will unfold over five years in phases, featuring modern amenities like residential plots, luxury villas, apartments, commercial spaces, and a five-star resort. Supported by a self-sustaining model, the project will include 3,200 affordable housing units. This collaboration aims to modernise Srinagar's infrastructure, stimulate the local economy, create jobs, and attract investment, marking a significant milestone in the region's development.
The Srinagar Development Authority (SDA) and the National Buildings Construction Corporation (NBCC) recently signed a pivotal memorandum of understanding (MoU) to spearhead the development of a satellite township at Rakh Gund Aksha, Bemina, Srinagar. This significant project, covering approximately 406 acres, is a substantial effort by the SDA to elevate urban infrastructure and improve the quality of life in the region. The project, expected to take over five years to complete, will execute in meticulously planned phases.
The SDA has entrusted NBCC with the responsibility of implementing this project, which they estimate will cost around INR 15,000 crore. The development will feature a diverse range of modern amenities, including residential plots, luxury villas, apartments, commercial spaces, and a five-star resort, all designed to meet the contemporary needs of the residents. Owais Ahmed, Vice Chairman of SDA, and Sanjay Gupta, Executive Director of NBCC, formally signed the MoU, highlighting the collaborative nature of this initiative.
The project's financial structure relies on a self-sustaining model, with revenue from the sale of villas, commercial spaces, and other components funding the development's costs, site infrastructure, and amenities. A notable aspect of this project is the inclusion of 3,200 affordable housing units, each covering an area of 45 square metres, ensuring that a broad segment of the population benefits from this development. NBCC will oversee the entire project, managing every stage from conceptualisation to commissioning. Besides serving as the project management consultant, NBCC will also handle the marketing aspects, ensuring the project's smooth execution and alignment with its goals.
This collaboration between NBCC and SDA represents a significant milestone in the modernisation of Srinagar's infrastructure. It directly addresses the rising demand for high-quality residential and commercial spaces in the region. The project will likely have a major impact on the local economy, creating numerous job opportunities and attracting substantial investment, paving the way for a new chapter of growth and development in the region.
NBCC (India) Limited, originally established as National Buildings Construction Corporation Limited, is a Navratna enterprise under the Government of India. Founded in 1960 as a private limited company, NBCC evolved into a public limited entity in 2011. Operating under the Ministry of Housing and Urban Affairs, NBCC has an extensive presence both in India and abroad. The company organises itself into three core segments: Project Management Consultancy (PMC), Engineering Procurement & Construction (EPC), and Real Estate, positioning it as a formidable player in the construction industry.
In summary, the Srinagar Development Authority (SDA) and the National Buildings Construction Corporation (NBCC) have signed a landmark Memorandum of Understanding (MoU) to develop a large-scale satellite township in Srinagar, Kashmir. The transformative project, spanning over 400 acres, will cost an estimated INR 15,000 crore and be completed in phases over five years. The development will feature modern amenities like residential plots, luxury villas, apartments, commercial spaces, and a five-star resort, while also including 3,200 affordable housing units. This collaboration aims to modernise Srinagar's infrastructure, boost the local economy, create jobs, and attract investment, marking a significant milestone in the region's development.
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