(MENAFN- Kashmir Observer) New Delhi- State-owned firm NBCC has bagged a big-ticket Rs 15,000 crore contract from the Jammu & Kashmir government to develop a 406-acre satellite township project in Srinagar.
NBCC is into project management consultancy and Real estate business.
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In a regulatory filing on Friday, the company informed that it has bagged this project from Srinagar Development Authority.
The nature of the work is the development of a satellite township spread over 406-acre at Rakh-e-Gund Akshah, Bemina, Srinagar in Jammu & Kashmir.
The value of the contract is Rs 15,000 crore.
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Later in a statement, NBCC Ltd said it has signed a Memorandum of Understanding (MoU) with the Srinagar Development Authority (SDA) on August 8 for implementing the development of this satellite township.
The project site is located adjacent 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.
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 will also aim to achieve GRIHA or IGBC certification, ensuring it meets high standards of sustainability and environmental performance.
Upon completion, the project will serve as the New Town Centre for Srinagar residents and a major attraction for tourists.
The MoU was signed by Owais Ahmed, Vice Chairman, SDA and Sanjay Gupta, Executive Director, NBCC.
It was signed 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, NBCC and Ravi Arora, Joint Secretary of the Ministry of Housing and Urban Affairs.
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