To fast-track developmental projects in housing and commercial sectors, Srinagar Development Authority (SDA) will seek funding from Government of India subsidiary, Housing and Urban Development Corporation (HUDCO) to meet the growing demand for such facilities in Srinagar city.
This was decided at a high-level joint meeting of SDA and HUDCO officials held here on Tuesday under the chairmanship of Vice-Chairman SDA, Mohammad Shafi Rather. HUDCO was represented by Executive Director (Finance), P K Aggarwal and Regional Chief, Harjit Kumar at the meeting.
It was decided in the meeting that given the mounting demand for apartment-type housing and in view of the escalating land costs in Srinagar city, SDA would seek loaning facility from HUDCO for speedy construction of around 500 proposed flats – Shehjar Apartments – at Bemina.
Besides, assuring adequate loaning facility, HUDCO also offered technical assistance to SDA for formulating the Detailed Project Report (DPR) for the ambitious project.
“These flats will be in addition to the 60 apartments to be constructed by SDA near the existing Gulposh Apartments for which DPRs have already been finalized and submitted to the Government for approval,” the meeting was informed.
HUDCO has also agreed to provide funding for acquisition of land for development of Integrated Commercial Centre (ICC) at Railhead Nowgam.
The proposed commercial centre housing hotels, motels, restaurants, shopping plazas, office spaces, multi-level parking and recreational facilities would be spread over 1500 kanals of land already notified by the Government for the purpose.
“Another key project to be taken up for execution by SDA with HUDCO funding is construction of office-cum-convention complex at MA Road near the existing Sangarmaal City Centre,” officials said in a meeting, adding, “besides, having exclusive office spaces, the complex will be provided with state-of-the-art conference hall for holding conferences, seminars and media interactions. This will be an exclusive facility in the area as presently only SKICC can host such events.”
HUDCO officials assured the VC SDA that loaning facility to be extended by the Corporation would be at the most competitive interest rates with the provision of long term financing and easy repayments. They also offered rebate in interest rate for housing projects for economically weaker sections.
It was further decided in the meeting that from SDA side a team of officers comprising Financial Advisor, Executive Engineer and Divisional Town Planner will liaise with HUDCO officials to finalize the project reports and other formalities for availing the loan facility before being submitted to the Minister for Urban Development and Local Bodies who is the Chairman of SDA for approval.