J&K news: NBCC to develop ₹15000 crore worth satellite township in Srinagar

State-owned NBCC (India) Limited on Friday said it has received an order of ₹15,000 crore to develop a satellite township in Srinagar district of Jammu & Kashmir (J&K).

The project involves the development of a satellite township spread over 406 acres in Rakh-e-Gund Akshah, Bemina, located in Srinagar, Jammu and Kashmir, said the company.

The Srinagar Development Authority (SDA) has given the order to NBCC intending to enhance urban infrastructure and living conditions in the region.

“Intimation of work orders received by NBCC in the normal course of business, amounting Rs. 15,000 crores. Development of Satellite Township spread over 406 acres at Rakh-e-Gund Akshah, Bemina, Srinagar (J&K),” NBCC said in a statement. 

The project is expected to create numerous job opportunities and stimulate economic growth in the area, aligning with the government's vision for regional development.

NBCC (India) Limited, formerly known as National Buildings Construction Corporation Limited, is a government of India Navratna enterprise that provides construction services.

NBCC is a central public sector enterprise under the ministry of housing and urban affairs. The company has operations across India and overseas and is organized into three segments: project management consultancy (PMC), engineering procurement & construction (EPC), and real estate. 

NBCC shares had surged more than 275 per cent over the last year. 

On June 18, NBCC had said it bagged a ₹70 crore project from Grid Controller of India for executing interior works in new corporate office in New Delhi.

NBCC had inked a memorandum of understanding with Grid Controller of India Ltd (Grid-India) for execution of interior, fit outs and other associated infrastructure works for their new corporate office at Ayurvigyan Nagar, New Delhi.

“The tentative value of works to be executed under this MoU is approximately ₹70 crore,” NBCC had said in a statement.

Earlier, Grid-India had purchased this new office of around 61,000 sq ft from NBCC at approximately ₹270 crore and has now entrusted NBCC for furnishing the office as well.