Srinagar to get a township that will cost GoI Rs 15,000 crore

National Buildings Construction Corporation (NBCC India), a public sector enterprise under the Ministry of Housing and Urban Affairs, plans to develop a satellite township in Srinagar, Jammu and Kashmir. Spanning over 406 acres, the initiative is part of the corporation’s broader efforts to enhance urban infrastructure in the region.

NBCC will take on the role as project management and marketing consultant from ‘concept to commissioning’. The project site spread over approx. 406 acres is adjacent to the upcoming Medi City and High Court Complex. The project, scheduled for completion over five years, will be developed in phases. It will feature residential plots, luxury villas, apartments, office spaces, an indoor sports centre and a 200-key five-star resort equipped with modern facilities and amenities. It will aim to achieve GRIHA or IGBC certification, ensuring high standards of sustainability and environmental performance.

The PSU stated that the project’s costs, including site infrastructure, facilities, 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 development components.

Additionally, the project will incorporate approx. 3,200 affordable housing units, each with an area of 45 sq. mtrs. Upon completion, the project will serve as the new town centre for Srinagar residents and a major attraction for tourists. Moreover, the development cost, site infrastructure, and affordable housing funding will rely on revenue generated from the sale of villas, commercial spaces and other components.