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NBCC Secures Rs 15,000 Crore Order from Srinagar Development Authority
NBCC Ltd announced that it has secured a significant order worth Rs 15,000 crore from the Srinagar Development Authority (SDA). According to a regulatory filing, the contract involves the development of a Satellite Township spanning 406 acres at Rakh-e-Gund Akshah, Bemina in Srinagar, Jammu and Kashmir.
SDA and NBCC signed a Memorandum of Understanding (MoU) for this extensive project, which involves developing a satellite township in the Bemina locality of Srinagar.
Earlier this year, in February, NBCC projected a potential surplus of Rs 5,000 crore from the sale of additional units at five Amrapali projects, following the extra Floor Area Ratio (FAR) approved by the Greater Noida Industrial Development Authority (GNIDA). Of this surplus, approximately Rs 1,550 crore is earmarked for repaying existing Amrapali-specific loans from a consortium of banks and SBI Caps.
The remaining funds are set to be allocated towards the development of these five projects and other initiatives under ASPIRE, a company established for completing stalled Amrapali projects, as stated by NBCC Chairman and Managing Director KP Mahadevaswamy.
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