The National Buildings Construction Corporation (NBCC) is poised to introduce an ambitious residential and commercial township in the heart of Srinagar, marking a significant milestone in the development of the region.
As reported by the The Economic Times, this greenfield project, set across a sprawling 406 acres in Rakh Gund Aksha, just 8 km from Lal Chowk, is designed to cater to a diverse demographic with offerings that include residential plots, luxury villas, commercial office spaces, and even a five-star resort. With a projected investment of Rs 15,000 crore, this township will not only enhance the real estate landscape of Kashmir but also contribute to its socio-economic development.
The township’s residential component is designed to meet the varied needs of potential buyers, offering everything from residential plots to luxurious villas and apartment complexes. The detailed layout of the township reveals that approximately 55% of the area is reserved for residential purposes. This includes 3,200 affordable housing units, aimed at providing quality living spaces at accessible prices. These residential options are expected to attract both local residents and investors from across the country.
Beyond residential areas, the township is set to become a hub of commercial activity. With 12% of the land designated for commercial use, the development will feature office spaces, shopping centers, and other commercial establishments. These commercial spaces will be available for lease, creating a self-sustaining model that will fund the development of the entire project. Additionally, the township will offer state-of-the-art recreational facilities, including an indoor sports center and a 200-room five-star resort, ensuring a well-rounded lifestyle for residents and visitors alike.
In line with modern urban planning principles, 10% of the township area will be dedicated to green spaces. These areas will not only enhance the aesthetic appeal of the township but also contribute to the overall well-being of its residents. The green spaces will include parks, gardens, and walking trails, promoting a healthy and sustainable lifestyle. The project’s commitment to sustainability is further emphasized by its self-sustaining financial model, which ensures that the revenue generated from the sale of plots, villas, and commercial spaces is reinvested into the development.
The development of the township will be executed in phases, with the initial phase focusing on the plotting of the land. Once the plots are ready, they will be made available for sale to the general public. This phase is crucial for the project as it will generate the necessary funds to kickstart the development of other components. The sale of plots will also play a pivotal role in the discovery of market prices, ensuring that subsequent phases are aligned with market demand.
Following the completion of the initial phase, NBCC will shift its focus to the development of commercial spaces, apartment complexes, and affordable housing projects. The phased approach allows for a structured and efficient development process, ensuring that each component of the township is developed with precision and attention to detail. This approach also provides flexibility, allowing the project to adapt to market conditions and consumer preferences as it progresses.
The construction of the NBCC township is expected to have a profound impact on the local economy. The project is anticipated to generate 125 lakh mandays of employment during the construction phase alone. Once the township is fully developed, it is projected to create an additional 504 lakh mandays of employment, providing a significant boost to the region’s economy. This influx of job opportunities will not only benefit local residents but also attract skilled workers from other regions, contributing to the overall development of Srinagar.
Beyond job creation, the NBCC township is set to attract substantial investments to Srinagar. The project’s development costs, including infrastructure, facilities, and amenities, will be funded through a self-sustaining model that relies on the revenue generated from sales and leases. This model ensures that the project is financially viable and sustainable in the long term. Moreover, the township’s modern infrastructure and amenities are expected to draw investors and businesses to the region, further driving economic growth and development.
NBCC’s new satellite township in Srinagar represents a monumental step forward for the region, offering a blend of residential, commercial, and recreational opportunities. With its strategic location, comprehensive development plan, and commitment to sustainability, the township is poised to become a landmark in Srinagar’s real estate landscape. As the project unfolds over the next five years, it will not only transform the area but also set new standards for urban development in Kashmir.