Srinagar: The Srinagar Development Authority (SDA) and NBCC India Limited on Thursday signed an MoU for the development of a satellite township spread over 400 acres in Bemina area of the city at a cost of Rs 15,000 crore, an official spokesman said.
The SDA and the NBCC, a government of India enterprise, signed the MoU for the development of a satellite township at Rakh Gund Aksha in Bemina locality on the outskirts of the city, the spokesman said.
He said the township will be spread over 406 acres approximately.
The MoU was signed by SDA’s Owais Ahmed and NBCC’s Sanjay Gupta.
The project site is located adjacent to upcoming Medi City and the High Court Complex.
The project is estimated to cost about Rs 15,000 crore. The NBCC will implement the project as project management and marketing consultant from ‘concept to commissioning’, the spokesman said.
He said the project will be completed in a phased manner in five years and will consist of residential plots, development of villas, apartments, commercial offices, indoor sports centre and 5-star resorts with all modern facilities and amenities.
About 3,200 affordable housing flats of 45 sqm each are also planned on the project site. The project development cost, site infrastructure, facilities, amenities and affordable housing units will be implemented on a self-sustaining mode — the funding from the revenue generated from sale proceeds of proposed villas, commercial component of the proposed development and the likes.
Once completed, the project will become the New Town Centre for the residents of Srinagar as well as the hub for tourists, the spokesman said.
