The Srinagar Development Authority has signed a Memorandum of Understanding with the National Buildings Construction Corporation (NBCC) Limited, a Central PSU, for a Rs 15,000 crore modern satellite township in Srinagar.
This will be the first major real estate project that aims to provide modern housing, and commercial and recreational facilities, to the residents of the UT.
The township will occupy 406 acres at Rakh-e-Gund Akshah in Bemina, Srinagar, adjacent to the upcoming Medi City and High Court Complex. It will be completed in phases over five years.
The township will feature residential plots, luxury villas, apartment complexes, commercial office spaces, an indoor sports centre, and a five-star resort with 200 rooms. The development will also include around 3,200 affordable housing units, each measuring 45 square meters, ensuring accessibility for many.
A key feature of the project is its focus on sustainability. NBCC plans to obtain certification from GRIHA or IGBC, ensuring the development meets high environmental standards.
Owais Shah, SDA Chairman, told THE WEEK that the project will be funded by revenue generated from the sale of villas and commercial spaces. “We have signed an MoU with NBCC, and they will provide the expertise in developing the township,” he said. “The project will offer several options for the people, including flats.”
The J&K government is focused on addressing the growing housing needs of the people at affordable costs while providing modern amenities.
The government initiated the Smart City project, which has led to a complete makeover of roads, parking spaces, and business centres in Srinagar. As part of this project, battery-operated buses were introduced in Srinagar, received well by commuters.