Srinagar (Jammu and Kashmir): The Jammu and Kashmir government has awarded a Rs 15,000 crore contract to the National Buildings Construction Corporation (NBCC) India to develop a 406-acre satellite township in Srinagar, 608 days after the project's official launch. The project, located at Rakh-e-Gund Akshah in Bemina, was secured from the Srinagar Development Authority (SDA), according to a regulatory filing by the company.
The project was officially launched by Jammu and Kashmir Lieutenant Governor Manoj Sinha on December 14, 2022. The government invited online applications for residential plots on the e-portal JK Housing Mission the same day, with a deadline of February 15, 2023. A total of 2,793 applications were received for 428 available plots.
NBCC, a leading firm in project management and real estate, signed a Memorandum of Understanding (MoU) with the SDA on August 8 to manage the township's development. The site, positioned near the forthcoming Medi City and High Court Complex, will be developed in phases over five years. "The project will include residential plots, luxury villas, apartment complexes, commercial office spaces, an indoor sports center, and a 200-key five-star resort," a senior SDA official said. “It will also feature around 3,200 affordable housing units, each spanning 45 square meters," he added.
According to NBCC, funding for the project will come from a self-sustaining model, with revenue generated from the sale of villas and commercial spaces. NBCC also aims to achieve sustainability certifications, such as Green Rating for Integrated Habitat Assessment (GRIHA) or Indian Green Building Council (IGBC), to ensure the project meets high environmental standards. IGBC certification evaluates energy efficiency, water conservation, and other sustainability metrics, while GRIHA rates overall sustainability from 1 to 5 stars. Both certifications are designed to encourage eco-friendly construction practices and improve the environmental impact of buildings and developments.
On July 27, the Administrative Council of Jammu and Kashmir approved the Land Pooling Policy and Transferable Development Rights Policy to enhance the real estate sector. Chaired by Lieutenant Governor Manoj Sinha and attended by key officials, the policy encourages developers and landowners to pool land for development, ensuring space for infrastructure and amenities while returning unused land to owners. This policy applies to land parcels of 50 hectares or more.
The Council also endorsed the proposal for NBCC to accelerate the development of the Srinagar Satellite Township, utilizing 3,290 kanals of land for residential plots and commercial purposes.
The official claimed that upon completion, the satellite township is expected to serve as Srinagar's New Town Centre and a significant draw for tourists. “The MoU was signed by Owais Ahmed, Vice Chairman of SDA, and Sanjay Gupta, Executive Director of NBCC, in the presence of key officials from the Jammu and Kashmir government and the Ministry of Housing and Urban Affairs,” the official said.
