NBCC bags Rs 15000 cr project to develop satellite township in Srinagar; Rental Industry leaders eye substantial opportunities

New Delhi, 09 Aug 2024 | Nirmesh Singh

The NBCC (India) Limited, a public sector enterprise has received an order of Rs 15,000 crore on Friday to develop a satellite township in Srinagar, Jammu & Kashmir.

According to the company, the project involves the development of a Satellite Township spread over 406 acres in Rakh-e-Gund Akshah, Bemina, located in Srinagar, Jammu and Kashmir.

The Srinagar Development Authority (SDA) has given the order to NBCC intending to enhance urban infrastructure and living conditions in the region.

The infrastructure equipment rental industry of India is hoping for substantial growth opportunities in Jammu and Kashmir with this project. The project is also expected to create numerous job opportunities and stimulate economic growth in the area, aligning with the government’s vision for regional development.

Jitender Aggarwal, CMD, AGGCON Equipments International, said, “This project in Jammu & Kashmir is significant for the growth of infrastructure sector and will consequently boost the growth of infrastructure equipment rental industry. It will also lead to the growth of employment and entrepreneurship opportunities in the state”.

“The focus of PM Modi’s govt on infrastructure development of the country is vital for India’s economic growth and for achieving the goal of ‘Viksit Bharat’ by 2047”, he added.

Som Dutt Sharma, Director, Premier Heavy Lift is seeing this project as a transformative opportunity for the rental sector.

“For rental companies like ours, this project represents a key growth avenue, enabling us to contribute to the region’s infrastructure development while expanding our business operations”, said Mr Sharma.

“With the increased stability and focused development efforts in Jammu and Kashmir under Prime Minister Modi’s leadership, the region has seen a surge in investments and tourism. This shift not only boosts local employment but also significantly increases the demand for construction equipment rentals”, he added.

NBCC is a Government of India’s enterprise under the ministry of housing and urban affairs. The company has operations across India and overseas and is organized into three segments: project management consultancy (PMC), engineering procurement & construction (EPC), and real estate.
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