New Srinagar Township: Residential Plots and Villas by NBCC

NBCC Secures Rs 15,000 Crore Contract for Major Srinagar Development

In a landmark achievement for the Kashmir Valley, the state-owned National Buildings Construction Corporation (NBCC) has been awarded a substantial Rs 15,000 crore contract to develop a new satellite township in Srinagar, Jammu, and Kashmir. This ambitious project, set to transform the region, will cover an impressive 406 acres at Rakh-e-Gund Akshah in Bemina. This significant development represents a major milestone for NBCC and a transformative advancement for the region, promising to reshape the local landscape and economy.

Realizing Dreams: Your Own Piece of the Kashmir Valley

For many who have long dreamt of owning property in the scenic Kashmir Valley, this development provides an exciting and tangible opportunity. Historically, those visiting the region could only stay in temporary accommodations such as hotels or resorts. With NBCC’s new project, individuals now have the chance to invest in their own residential plots and luxury villas, turning their dream of owning a piece of this breathtaking locale into a reality. This opportunity marks a significant shift from transient stays to permanent, personal investment in one of the most beautiful regions in India.

Awarded by the Srinagar Development Authority

The development, awarded by the Srinagar Development Authority (SDA), is set to introduce a new dimension of living and investment opportunities in the region. NBCC, with its extensive experience in project management and real estate development, is well-positioned to spearhead this ambitious undertaking. The project promises not only to enhance the local real estate market but also to bring long-term benefits to the community and attract investment.

Strategic Location and Project Scope

On August 8, NBCC formalized its commitment to the project by signing a Memorandum of Understanding (MoU) with the Srinagar Development Authority. The site’s strategic location, adjacent to the upcoming Medi City and High Court Complex, adds to its appeal, offering significant logistical and strategic advantages. This location is expected to become a focal point of development, integrating seamlessly with other key infrastructure projects in the area.

NBCC will manage the project from its initial conceptual phase through to final commissioning, serving as both project management and marketing consultant. The estimated total cost of approximately Rs 15,000 crore reflects the project's scale and ambition. This substantial investment underscores the importance of the project and the confidence in its successful execution.

Phased Development: A Diverse and Comprehensive Offering

The development is planned for completion over the next five years and will proceed in multiple phases, incorporating a broad array of components. The new township will feature a comprehensive mix of elements designed to cater to various needs and preferences:

Residential Plots: Offering opportunities for private ownership within this stunning region, allowing individuals and families to make this their home.

Luxury Villas: Catering to diverse lifestyles and preferences, providing high-end living options in the picturesque setting.

Affordable Housing Units: Approximately 3,200 units, each spanning 45 square meters, aimed at ensuring inclusivity and accessibility for a broader segment of the community.

Funding and Financial Model

The financing for the project will be managed through a self-sustaining model, which relies on revenue generated from the sale of villas, commercial spaces, and other development components. This approach ensures that development costs, site infrastructure, and amenities are funded through the revenue stream of the project itself, eliminating the need for external financial support and ensuring the project's sustainability.

Commitment to Sustainability and Environmental Excellence

NBCC is committed to achieving GRIHA or IGBC certification for the project, reflecting a dedication to the highest standards of sustainability and environmental performance. This certification will ensure that the development meets rigorous criteria for energy efficiency, environmental impact, and overall sustainability, aligning with modern green building standards.

A New Hub for Srinagar

Upon its completion, the new township is anticipated to become the New Town Centre for Srinagar, offering a well-rounded blend of residential, commercial, and recreational facilities. It is expected to become a major attraction for both residents and tourists, significantly boosting the region’s appeal and economic prospects. The development will provide a vibrant new hub in Srinagar, fostering growth and enhancing the quality of life for its inhabitants.

Ceremony Highlights

The MoU signing ceremony was a significant event, attended by several key figures who marked this milestone in the project’s progression. Owais Ahmed, Vice Chairman of the Srinagar Development Authority, and Sanjay Gupta, Executive Director of NBCC signed the MoU. Mandeep Kaur, Commissioner/Secretary of the Housing and Urban Development Department of J&K; K P Mahadevaswamy, Chairman and Managing Director of NBCC; and Ravi Arora, Joint Secretary of the Ministry of Housing and Urban Affairs attended this signing ceremony. This event symbolized a major step forward in the realization of this transformative project, setting the stage for a new era of development in Srinagar.