Srinagar Development Authority (SDA) and NBCC (India)., a government of India enterprise signed an MoU to implement development of a satellite township at Rakh Gund Aksha, Bemina, Srinagar, spread over approximately 406 acres. The project site is located adjacent to upcoming Medi City and High Court Complex. NBCC will implement the project from ‘concept to commissioning’ as project management and marketing consultant at an estimated cost of approximately Rs 150 billion.

The MoU was signed by Owais Ahmed, Vice Chairman, SDA and Sanjay Gupta, Executive Director, NBCC. The MoU was signed in the presence of  Mandeep Kaur, Commissioner/Secretary, Housing and Urban Development Department, Government of J&K; KP Mahadevaswamy, Chairman and Managing Director, NBCC and Shri Ravi Arora, Joint Secretary of the Ministry of Housing and Urban Affairs (MoHUA)  

The project, scheduled for completion over five years, will be developed in phases and include a diverse range of components. It will feature residential plots, luxury villas, apartment complexes, commercial office spaces an indoor sports centre and a 200-key five-star resort equipped with modern facilities and amenities. Additionally, the project will incorporate about 3,200 affordable housing units, each with an area of 45 sq m.

The project's development cost, site infrastructure, facilities, amenities, and affordable housing units will be funded through a self-sustaining model, relying on revenue generated from the sale of villas, commercial spaces and other components of the development. The project will also aim to achieve GRIHA or IGBC certification, ensuring it meets high standards of sustainability and environmental performance.

Upon completion, the project will serve as the New Town Centre for Srinagar residents and a major attraction for tourists.