Srinagar Development Authority (SDA) and National Buildings Construction Corporation (NBCC) have signed a memorandum of understanding (MoU) on Thursday for the development of Satellite Township at Rakh Gund Aksha, Bemina, Srinagar, which is spread over approximately 406 acres.
The project is expected to take over five years to get completed and will be developed in phases. NBCC will implement the project at an estimated cost of Rs 15,000 crore approximately.
The MoU was signed by Owais Ahmed, vice chairman, SDA, and Sanjay Gupta, executive director of NBCC.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. It will also have 3,200 affordable housing units, each with an area of 45 sq meters.
