At a high level meeting between the officials of Srinagar Development Authority (SDA) and Housing and Urban Development Corporation (HUDCO), it was decided that the former would seek loan from the latter for construction of houses and other projects.

The SDA decided to seek financial assistance from HUDCO given the mounting demand for apartment-type housing and in view of the escalating land costs in Srinagar city.

The proposed loan facility would enable speedy construction of around 500 proposed flats - Shehjar Apartments - at Bemina.

During the meeting, HUDCO assured loan facility for the authority and 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, an official statement shows.

Besides, HUDCO agreed to fund land acquisition cost to develop the proposed 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 1,500 kanals of land already notified by the Government for the purpose.