New Delhi: You can now purchase plots, houses, shops, and flats at affordable prices near the Jhelum and Chenab rivers in Srinagar, Jammu and Kashmir. NBCC, a public sector construction company, has received an order from the Srinagar Development Authority to build a township worth Rs 15,000 crore. This new township, located in the valleys of Jammu and Kashmir near the Chenab and Jhelum rivers, will be completed in the next five years. It will feature plots, flats, and commercial complexes.
The project, a satellite township, will be built on about 406 acres of land in the Rakh Gund axis, Bemina, Srinagar, in collaboration between the Srinagar Development Authority (SDA) and NBCC. In the first phase, the land will be divided into plots. The township will include residential plots, luxury villas, apartment complexes, commercial offices, an indoor stadium, and 200 five-star resorts with modern amenities. The project will also feature around 3,200 flats, which will be available at very affordable prices.
NBCC’s Srinagar Township Project to Launch in 2025, Offering Affordable Housing for the Middle Class
NBCC Chairman KP Mahadevaswamy told News18 that the project will be designed with the middle class in mind and will begin in early 2025. They plan to appoint a consultant within the next 2-3 months, after which the tender will be issued. Bookings will start online, and plot sales are expected to begin by the end of 2025. The plots are divided into various categories, with residential plots being sold first, followed by commercial ones.
The entire project is expected to be completed in five years, but plot deliveries will start within a year. The initial focus will be on constructing roads and providing electricity. NBCC will also build some flats in the EWS category, with subsidies of up to Rs 2.50 lakh available under the Pradhan Mantri Awas Yojana. The price for plots will be Rs 2,000 per square foot, while flats in an apartment will start at Rs 6,000 per square foot. NBCC is in discussions with the Srinagar Development Authority.
Affordable Flats In Kashmir: NBCC Offers Spacious Homes At Competitive Prices
Mahadevaswamy explained that the price of flats in Srinagar is less than a third of what you would pay in Delhi. He highlighted the opportunity to own a home with clean air between the Chenab and Jhelum rivers at a very affordable price. In comparison, land in Delhi costs between Rs 30,000 and Rs 40,000 per square foot, and in Noida and Greater Noida, the rates are Rs 15,000 to Rs 20,000 per square foot. However, they have kept the prices low in Srinagar. They plan to build three-bedroom flats ranging from 1,700 to 2,000 square feet.
Mahadevaswamy stated that LIG flats will be about 400-500 square feet, MIG flats will be around 1,000 to 1,200 square feet, and HIG flats will range from 1,700 to 2,000 square feet. The prices for these flats will range from Rs 30 lakh to Rs 1.25 crore. Plots will be available in sizes of 45, 100, and 200 meters. NBCC is a Navratna PSU under the Ministry of Urban Development, Government of India. The central government owns 61.75% of the company, domestic institutional investors hold 9.48%, foreign investors have 4.43%, and the general public owns 24.34%.
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