Shares of NBCC Ltd jumped 7 percent on August 9 after the company announced it had received a substantial order worth Rs 15,000 crore from the Srinagar Development Authority (SDA). The project involves the development of a Satellite Township spread over 406 acres at Rakh-e-Gund Akshah in Bemina, Srinagar, Jammu & Kashmir.
According to the company’s stock exchange filing, the NBCC will act as the project management and marketing consultant, overseeing the project from its conceptualization to commissioning. The project will be completed in phases over five years and will include residential plots, villas, apartments, commercial offices, an indoor sports center, and 5-star resorts, all equipped with modern amenities.
Additionally, the project will include the construction of approximately 3,200 affordable housing flats, each measuring 45 square meters. The project is designed to be self-sustaining, with development costs covered by revenue generated from the sale of villas, commercial spaces, and other components of the project.
Owais Ahmed signed the Memorandum of Understanding (MoU) for this ambitious project from the SDA and Sanjay Gupta from NBCC. The project site is strategically located next to the upcoming Medi City and the High Court Complex, promising to transform the area into a new town center for Srinagar’s residents and a hub for tourists.
By 10:55 AM on the day of the announcement, NBCC’s shares were trading at Rs 181.37 apiece on the NSE, reflecting the market’s positive response to the news.
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Source: Moneycontrol
News Desk
