NBCC Bags Rs 15000 Crore Project to Develop Srinagar’s New Satellite Township

                The National Buildings Construction Corporation (India) Ltd, a Union government owned enterprise, said on Friday that it will develop a township, with residential plots, luxury villas, 
apartments, commercial spaces and a five-star resort in Srinagar over the next five years.
The NBCC and the Srinagar Development Authority signed a memorandum of agreement for the development of a satellite township at Rakh Gund Aksha, Bemina on Thursday, an 
NBCC statement said.
The site is adjacent to the upcoming Medi City and High Court complex and would serve as a new town centre for Srinagar, the NBCC said.
The project will cost an estimated Rs 15,000 crore and is scheduled to take five years to be completed. Apart from the other components, the project will have around 3,200 affordable 
housing units.
“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 NBCC said.

Source : The Economic Time