NBCC Ltd's shares surged 7 percent on August 9 after the firm said it received Rs 15,000-crore order from Srinagar Development Authority.
In a stock exchange filing, NBCC said name of work is "development of Satellite Township spread over 406 acres at Rakh-e-Gund Akshah, Bemina, Srinagar ( J&K)".
At 10:55 pm on August 9, NBCC's shares rose 7 percent to Rs 181.37 apiece.
The SDA and the NBCC, a government of India enterprise, signed the MoU for the development of a satellite township at Rakh Gund Aksha in Bemina locality on the outskirts of the city.
The MoU was signed by SDA’s Owais Ahmed and NBCC’s Sanjay Gupta.
The project site is located adjacent to upcoming Medi City and the High Court Complex.
The NBCC will implement the project as project management and marketing consultant from ‘concept to commissioning’.
The project will be completed in a phased manner in five years and will consist of residential plots, development of villas, apartments, commercial offices, indoor sports centre and 5-star resorts with all modern facilities and amenities, an official spokesman said.
About 3,200 affordable housing flats of 45 sqm each are also planned on the project site. The project development cost, site infrastructure, facilities, amenities and affordable housing units will be implemented on a self-sustaining mode — the funding from the revenue generated from sale proceeds of proposed villas, commercial component of the proposed development and the likes.
Once completed, the project will become the New Town Centre for the residents of Srinagar as well as the hub for tourists, the spokesman added.
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