Shares of NBCC India Ltd skyrocketed 11% on 9 August after the company announced that it had obtained an order for Rs 15,000 crore from the Srinagar Development Authority (SDA).

In a stock exchange filing, NBCC said the name of the work is “development of Satellite Township spread over 406 acres at Rakh-e-Gund Akshah, Bemina, Srinagar ( J&K).”

The SDA and the NBCC, a government of India business, struck an agreement to create a satellite township at Rakh Gund Aksha in the Bemina neighbourhood on the outskirts of the city.

SDA’s Owais Ahmed and NBCC’s Sanjay Gupta signed the memorandum of understanding. The project is located close to the High Court Complex and the upcoming Medi City. 

From “concept to commissioning,” the NBCC will carry out the project as project manager and marketing consultant.

The project would be finished in five years in phases and include residential plots, the construction of villas, apartments, and commercial buildings, as well as an indoor sports complex and five-star resorts with all the amenities of today.
 
Additionally planned are 3,200 45 square meter affordable housing flats on the building site. Using funds from the planned complex’s commercial space sale as well as other sources, the project’s development costs, site infrastructure, amenities, and number of affordable housing units will all be paid for through self-sustaining ways.

Once the project is finished, it will serve as both the hub for tourists and the New Town Centre for Srinagar’s residents. 

At 12:42 pm, the shares of NBCC were trading 8.22% higher at Rs 182.96 on NSE.

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