Srinagar Development Authority (SDA) and NBCC (India) Ltd., a Govt of India Enterprise signed an MoU on 8.8.2024 for implementing development of Satellite Township at Rakh Gund Aksha, Bemina, Srinagar, spread over approximately 406 acres. The project site is located adjacent to upcoming Medi City and High Court Complex. NBCC will implement the project from ‘concept to commissioning’ as Project Management and Marketing consultant at an estimated cost of Rs 15000 Cr. approximately.
The MoU was signed by Shri Owais Ahmed, Vice Chairman, SDA and Shri Sanjay Gupta, Executive Director, NBCC. The MoU was signed in the presence of Ms. Mandeep Kaur, Commissioner/Secretary of the Housing and Urban Development Department, Government of J&K; Shri K. P. Mahadevaswamy, Chairman and Managing Director, NBCC and Shri Ravi Arora, Joint Secretary of the Ministry of Housing and Urban Affairs (MoHUA)
The project, scheduled for completion over five years, will be developed in phases and will include a diverse range of components. It will feature residential plots, luxury villas, apartment complexes, commercial office spaces, an indoor sports centre and a 200-key five-star resort equipped with modern facilities and amenities. Additionally, the project will incorporate approximately 3,200 affordable housing units, each with an area of 45 square meters.
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 will also aim to achieve GRIHA or IGBC certification, ensuring it meets high standards of sustainability and environmental performance.