Srinagar Development Authority (SDA) and NBCC India Limited, a Govt of India Enterprise signed MoU today for development of Satellite Township at Rakh Gund Aksha, Bemina here, spread over 406 acres approx. The MoU was signed by VC, SDA, Owais Ahmed and ED NBCC, Sanjay Gupta in presence of Commissioner Secretary Housing & Urban Development Department, Mandeep Kaur; Joint Secretary MOHUA, Ravi Arora; and CMD NBCC, K P Mahadevaswamy.
The Project site is located adjacent to upcoming Medi City and High Court Complex. The Project is estimated to cost Rs 15000 Crores approximately. NBCC will implement the project as Project Management and Marketing consultant from ‘concept to commissioning’.
The project will be completed in a phased manner in 5 years and will consists of residential plots, development of Villas, apartments, commercial offices, Indoor Sports Centre and 200 key 5 Star resort with all modern facilities and amenities. Additionally, about 3200 affordable housing flats of 45 sqm each are also planned on the Project Site.
The Project development cost, site infrastructure, facilities, amenities and the affordable housing units will be implemented on a self sustaining mode i.e. funding from the revenue generated from sale proceeds of proposed villas, commercial component of the proposed development etc. The project shall be GRIHA/ IGBC rated development.
Once completed the project shall become the New Town Centre for the residents of Srinagar as well as the hub for tourists.