New Delhi, Oct 13 (IANS): The union cabinet approved redevelopment of residential colonies at West Ansari Nagar and Ayur Vigyan Nagar campuses of All India Institute of Medical Sciences (AIIMS) here, an official statement said on Thursday.

The Cabinet was chaired by Prime Minister Narendra Modi.

The total estimated cost of the project is Rs 4,441 crore, including maintenance and operation costs for 30 years.

"National Buildings Construction Corporation Limited (NBCC) will undertake the exercise to replace existing housing stock of 1,444 dwelling units of Type I to IV with Build-Up Area (BUA) of approximately 0.87 lakh sq metres," said an official statement.

"3,928 dwelling units are of Type II to VI with BUA of approximately 4.02 lakh sq mtr. It will also create social infrastructure facilities of approximately 0.65 lakh sq mtr, including Dharamshala, and approximately 0.94 lakh sq mtr commercial BUA," the statement said.

The statement added that the project will be completed in five years in a phased manner. It will be implemented on a self-financing basis by sale of commercial space on free-hold with no cost to the government exchequer.