Srinagar: The National Buildings Construction Corporation (India) Ltd (NBCC), a Central government-owned enterprise, has unveiled an ambitious plan to reshape Srinagar’s landscape by developing a cutting-edge township.
This extensive project, slated to unfold over the next five years, will feature a wide array of modern amenities, including residential plots, luxury villas, apartments, commercial spaces, and even a five-star resort.
On Thursday, NBCC and the Srinagar Development Authority (SDA) formalized this transformative initiative by signing a memorandum of agreement. The new township will be strategically located at Rakh Gund Aksha, Bemina, on the city’s outskirts—a site chosen for its potential as a satellite township to alleviate urban congestion in the heart of Srinagar.
The project will include around 3,200 affordable housing units, each covering 45 square meters. The NBCC will oversee the entire project, from concept to commissioning, acting as a project management and marketing consultant. The estimated cost of the project is approximately Rs. 15,000 crore, according to a press release from the corporation.
The NBCC announced that the project’s development, including site infrastructure, facilities, amenities, and affordable housing, will be financed through a self-sustaining model, utilizing revenue generated from the sale of villas, commercial spaces, and other elements of the development.
This collaboration between NBCC and SDA marks a significant step toward modernizing Srinagar’s infrastructure, addressing the growing demand for high-quality residential and commercial spaces. The project is expected to stimulate the local economy, create jobs, and attract investment, ushering in a new era of development for the region.
Additionally, the inclusion of a five-star resort in the project is anticipated to boost Srinagar’s appeal as a tourist destination, enhancing the city’s natural beauty with a touch of modern luxury.
Published 10 August 2024, 10:36 IST