 "Cabinet approves redevelopment of AIIMS colonies")
The Union cabinet on Thursday approved the re-development of two residential colonies located within the campus area of the All India Institute of Medical Sciences (AIIMS) in New Delhi.
The Cabinet, chaired by Prime Minister Narendra Modi, estimated the total cost of the project to be Rs 4,441 crore, including the maintenance and operation costs for the next 30 years.
"National Buildings Construction Corporation Limited (NBCC) will undertake the exercise to replace the existing housing stock of 1,444 dwelling units with a build-up area of 0.87 lakh sq metres approximately," said an official statement.
Under the re-development project, social infrastructure facilities will also be created, besides setting aside an area for commercial build up as well, the statement said.
The statement added that the project will be completed in a period of five years in various phases. The project will be self-financed, drawing the money from the sale of commercial space on free-hold.
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