The Urban Development, Housing and Urban Poverty Alleviation Minister said this after inaugurating three components of the project.
Being implemented by state-run National Buildings Construction Corporation (NBCC), work on the 'East Kidwai Nagar General Pool Residential Accommodation (GPRA) Redevelopment Project' was started in December, 2014 and the entire project is scheduled for completion in November, 2019.
The entire project cost will be met from the revenue generated from sale of built-up area of the project on lease hold basis for 30 years to government departments, ministries and public sector undertakings, he said.
The Minister said the project is a role model which needs to be adopted at other places for the development of the cities.
"Redevelopment of properties is the way for optimal utilisation of scarce land resources in cities and for generating resources required. Zero Waste generation and zero discharge shall be the guiding principle for smart city development."
"Redevelopment of government colonies in a big way in Delhi reflects the Centre's approach to improving quality of life and recasting urban landscape," Mr Naidu said.
He also directed NBCC, the implementing agency under the Urban Development Ministry, to complete the entire project by December 2018.
Union Minister of State for Home Kiren Rijiju said, "NDMC area is the nerve centre of governance and shows the way to others. I compliment the team led by Naidu for path breaking initiatives for urban development."
The ministers also complimented NBCC for building quality infrastructure within the stipulated time.
Minister of State for Urban Development Rao Inderjit Singh and Urban Development Secretary Rajiv Gauba were also present on the occasion.
The three components -- Local Shopping Complex, Senior Secondary School and Banquet Hall -- that were inaugurated on Wednesday were built at a cost of total Rs 114 crore.
This entire infrastructure runs on green energy. Grid connected roof top solar systems on the three buildings generates 250 KW of electricity. 200 KW used for three buildings and the remaining 50 KW transferred to the grid.
Speaking about the project, Mr Naidu said this is a self-sustainable project with supporting social infrastructure, complete in-house solid and liquid waste management facilities, rain water harvesting systems.
Under the project, 4,608 modern dwelling units will be built in place of the 2,444 units, in different categories, for accommodating central government employees.
While New Motibagh Redevelopment Project has already been completed, 7 more GPRA Colonies are being redeveloped on similar lines for building 25,667 dwelling units in place of the old 12,970 units at an estimated total project cost of Rs 32,835 crore on self-financing basis.
The seven GPRA colonies being redeveloped are at Sarojini Nagar, Netaji Nagar, Nauroji Nagar through NBCC and Kasturba Nagar, Thyagaraj Nagar, Srinivaspuri and Mohammadpur through Central Public Works Department (CPWD).