NBCC to launch new residential township in Kashmir near Srinagar: Plots and villas to be open to all. Here are more details
residential plots in a new satellite township in Srinagar. The government-owned NBCC announced on Friday that it will develop the greenfield township across 406 acres with an investment of Rs 15,000 crore over the next five years. The township will be located at Rakh Gund Aksha, just 8 km from Lal Chowk, a TOI report stated.
The Srinagar township project will include residential plots, luxury villas, apartment complexes, commercial office spaces, an indoor sports center, and a 200-room five-star resort with modern facilities. NBCC has signed a Memorandum of Understanding (MoU) with the Srinagar Development Authority to implement the project.
NBCC chairman K P Mahadevaswamy stated, “We will prepare the detailed project and the target is to complete the project in five years.”
Sources indicated that in the first phase, NBCC will finish plotting the land, which will then 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 explained. The commercial space will be leased out.
The plan states that about 55% of the new township area will be allocated for residential purposes, 12% for commercial use, and 10% for green spaces.
