NBCC Ltd on Friday announced that it has received an order worth Rs 15,000 crore from Srinagar Development Authority. In a regulatory filing, the company said that the order is for the development of Satellite Township spread over 406 acres at Rakh-e-Gund Akshah, Bemina, Srinagar (J&K).
The SDA and NBCC signed the MoU for the development of a satellite township at Rakh Gund Aksha in Bemina locality of the city.
Earlier in February, NBCC had said that it hopes to generate a surplus of Rs 5,000 crore from sale of the additional units to be constructed at five Amrapali projects after the extra floor area ratio (FAR) approved by the Greater Noida Industrial Development Authority (GNIDA). Of the surplus proceeds, roughly Rs 1550 crore will be used for repayment of existing Amrapali-specific loans from a consortium of banks and SBI Caps, while the balance will go into development of these five and other projects under ASPIRE, a company set up for stuck Amrapali projects, NBCC chairman and managing director KP Mahadevaswamy had stated.