In the next two years, you may be able to buy a residential plot in a new satellite township in Srinagar, which will be developed by the govt-owned National Buildings Construction Corporation ( NBCC ). The PSU on Friday said it will develop the greenfield township spread over 406 acres in the valley entailing an investment of Rs 15,000 crore in the next five years. The new township will come up at Rakh Gund Aksha, just 8 km from Lal Chowk.
‘Anyone can buy plots in new Srinagar township ’ The Srinagar township project will have residential plots , luxury villas , apartment complexes , commercial office spaces , an indoor sports centre and a 200-room five-star resort equipped with modern facilities and amenities. NBCC signed MoU with Srinagar Development Authority Friday to implement the project. NBCC chairman K P Mahadevaswamy told TOI, “We will prepare the detailed project and the target is to complete the project in five years.
” Sources said that in the first phase, NBCC will complete the plotting exercise and these will be offered for sale. “Anyone can buy the plots. Since it’s being developed on self-sustaining mode, the proceeds from sale of plots will be utilised for branding and initiating development works.
Subsequently, commercial areas, apartments and affordable housing projects will be taken up in phases. This will help us in price discovery,” a source said. The commercial space will be leased out.
As per the plan, nearly 55% of the area under new township will be utilised for residential purposes; another 12% for commercial and 10% for greenery. Sources said 15% of the residential component will be utilised for building 3,200 affordable houses. The project is estimated to generate 125 lakh mandays during construction and 504 lakh mandays post-development.
NBCC said 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 sale of villas, commercial spaces, and other components..
