Luxury Villas in Srinagar Soon! NBCC Secures Rs 15,000 Cr Contract for New Township

Many have the enthusiasm of owning a plot or house in a tourist area. For those, it may be good news as they will have the chance to buy property in Srinagar. Yes, you read it right. The Indian government-owned company, NBCC, has just secured a major contract worth Rs 15,000 crore to build a new residential township near Srinagar. This project, awarded by the Srinagar Development Authority (SDA), is set to transform a 406-acre site at Rakh-e-Gund Akshah, Bemina, into a vibrant new community.

What Will be in Residential Township?

The development will include a variety of features such as residential plots, luxury villas, apartment complexes, and commercial spaces. Additionally, the township will feature an indoor sports center and a 200-key five-star resort. Around 3,200 affordable housing units will be part of the project, each covering 45 square meters.

When Will It Be Completed?

The township will be scheduled for completion in five phases over the next five years.

Benefits of The Project

This project is expected to become a new hub for Srinagar residents and attract tourists. The project is expected to add significant value to the area.

The Memorandum of Understanding (MoU) for the project was signed on August 8 by Owais Ahmed, Vice Chairman of SDA, and Sanjay Gupta, Executive Director of NBCC, with notable officials from both the Jammu & Kashmir Government and NBCC in attendance.

NBCC (India) Limited, originally called National Buildings Construction Corporation Limited, is a major Indian government-owned company. It was set up in 1960 as a private company and became public in 2011. NBCC is part of the Ministry of Housing and Urban Affairs and is one of the government’s top enterprises.

The company works on construction projects both in India and abroad. It is divided into three main areas: Project Management Consultancy (PMC), Engineering Procurement & Construction (EPC), and Real Estate.

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