NBCC to Develop 406-Acre Satellite Township in Srinagar
NBCC (India) Limited, formerly known as National Buildings Construction Corporation Limited, will develop a 406-acre satellite township in Srinagar, Jammu and Kashmir. The project will be completed in phases over five years.
Project Details
The township will include:
- Residential plots
- Luxury villas
- Apartment complexes
- Commercial office spaces
- An indoor sports centre
- A 200-key five-star resort
Additionally, the project will feature approximately 3,200 affordable housing units, each with an area of 45 square meters.
MoU Signing
The MoU for the project was signed by Owais Ahmed, Vice Chairman of the Srinagar Development Authority (SDA), and Sanjay Gupta, Executive Director of NBCC. The signing was witnessed by Mandeep Kaur, Commissioner/Secretary of the Housing and Urban Development Department, Government of J&K; KP Mahadevaswamy, Chairman and Managing Director of NBCC; and Ravi Arora, Joint Secretary of the Ministry of Housing and Urban Affairs (MoHUA).
Funding and Sustainability
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 aims to achieve GRIHA or IGBC certification for high standards of sustainability and environmental performance.
About NBCC
NBCC (India) Limited is a Government of India Navratna Enterprise that provides construction services. Incorporated in 1960, the company became a public limited company in 2011. It operates under the Ministry of Housing and Urban Affairs and is organized into three segments: Project Management Consultancy (PMC), Engineering Procurement & Construction (EPC), and Real Estate.
Doubts Revealed
NBCC -: NBCC stands for National Buildings Construction Corporation. It is a government-owned company in India that builds and develops buildings and infrastructure.
Satellite Township -: A satellite township is a smaller town or community that is built near a larger city. It is designed to provide housing and other facilities for people who work in the big city but want to live in a quieter place.
Srinagar -: Srinagar is a city in the Indian state of Jammu and Kashmir. It is known for its beautiful lakes and gardens.
Jammu and Kashmir -: Jammu and Kashmir is a region in northern India. It is known for its scenic beauty and is a popular tourist destination.
Residential plots -: Residential plots are pieces of land where people can build their homes.
Luxury villas -: Luxury villas are large, fancy houses that have many special features and are usually very expensive.
Apartment complexes -: Apartment complexes are buildings that have many separate homes or apartments where different families live.
Commercial office spaces -: Commercial office spaces are buildings or areas where businesses have their offices.
Indoor sports centre -: An indoor sports centre is a place where people can play sports and exercise inside a building.
Five-star resort -: A five-star resort is a very fancy hotel that offers many luxurious services and amenities.
Affordable housing units -: Affordable housing units are homes that are priced lower so that people with less money can afford to buy or rent them.
MoU -: MoU stands for Memorandum of Understanding. It is a formal agreement between two or more parties.
Srinagar Development Authority -: The Srinagar Development Authority is a government organization that plans and manages the development of the city of Srinagar.
Rs 15,000 crore -: Rs 15,000 crore is a large amount of money. In Indian currency, ‘Rs’ stands for Rupees, and ‘crore’ means ten million. So, Rs 15,000 crore is 150 billion Rupees.
