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Barriers to businesses in J&K removed; UT now attractive place to do business and invest: LG

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J&K govt inks 39 MoUs of nearly Rs 19,000 cr with real estate investors

Jammu: The Jammu and Kashmir government on Monday opened the union territory to the country’s real estate investors by signing 39 MoUs worth nearly Rs 19,000 crore for the development of housing, hotel and commercial projects.

In presence of Hardeep Singh Puri, Union Housing & Urban Affairs Minister; Manoj Sinha, Lieutenant Governor and Union MoS Dr. Jitendra Singh,  39 MoUs worth Rs 18,300 crore were signed today to foster growth and development in Jammu and Kashmir. It includes investments in the residential, commercial, infrastructure, and film sectors, an official press release informed.

During his address, the Union Minister, Hardeep Singh Puri said that Real Estate, being the second largest employer in the country will create innumerable opportunities for economic growth in J&K.

“The natural endowments in the UT of J&K and resilience of its people are second to none in the world which now need to be translated into economic development, prosperity and ease of living,” said the Union Minister.

Terming the signing of the MoUs at J&K’s first Real Estate Summit here as  “historic”, Lieutenant Governor Manoj Sinha said it is a major step towards transformation of the UT.

“Last few years have seen tremendous change in terms of good governance, delivering development & transforming the infrastructure of the UT. Barriers to businesses in J&K have been removed. The UT of Jammu & Kashmir is now an attractive place to do business and invest,” said the LG, while announcing that the next ‘Real Estate Summit’ will be organized in Srinagar on 21st and 22nd May, 2022.

“Development of local businesses is imperative in scripting the growth story of J&K. Besides national players in real estate, local developers of J&K will also be at the focus of this new dawn of development of real estate sector in the UT,” he added.

The LG expressed his gratitude to the Prime Minister Narendra Modi and the Union Minister for Housing & Urban Affairs, Hardeep Singh Puri for “revolutionizing the real estate sector in J&K”.

“The multiplier effect of the first-ever Real Estate Summit in J&K will be felt across the entire UT in coming years,” added the LG.

Highlighting the key features of the Model Tenancy Act which was adopted today by the government, the LG said that the Act has been prepared with the objective of balancing the interests and rights of both, the landlord and tenant, and to create an accountable and transparent ecosystem for renting the premises in an efficient manner.

“Owning a house is the dream for everyone and we are making a committed effort to bring it into reality. The launch of many portals including RERA portal, Housing Portal, integrated auction portal will facilitate a transparent and accountable framework in Real Estate Sector. Such initiatives will help both Developers and Homebuyers as one-stop portal for all their needs,” said the LG.

“We have also launched three housing schemes today under which about 1000 EWS apartments (under PMAY) and another 150 MIG and HIG apartments are being launched. Many more would be launched in the coming months,” he added.

The LG also said that the regressive land laws were amended providing relief to many sectors from farming to industries, education, real estate, hospitals and IT. “Several progressive policies and procedural reforms have been implemented on the ground.  The best single-window clearance system and every possible support of the government will be ensured to facilitate the investors,” he added.

“Recently, we have made changes in the Land Use Policy so that the companies eager to set up industries do not face the problem of land,” said the LG.

“Despite being endowed with immense natural wealth, business opportunities and excellent human capital, the progress of the industries in J&K were stalled. Since, 5th August 2019, J&K is undergoing a massive transformation, and Industries from all over the country are seeing Jammu and Kashmir as their preferred destination for investments and business ventures,” Sinha observed.

“Efforts of Hon’ble Prime Minister and Hon’ble Home Minister are yielding favorable results with the new Industrial Development Scheme attracting huge investments in J&K. Within a year, we have received the proposals for investment worth Rs 44,000 crore. By March 2022, we will be able to bring an investment of Rs 60,000 crore to Jammu and Kashmir,” said the LG.

In Jammu and Kashmir alone, Rs 1 lakh crore is being spent on highways, tunnels, and related infrastructure, due to which the nature of urban infrastructure will be completely transformed within two-three years, he added.

Union MoS (I/c), Ministry of Science & Technology, Earth Sciences, MoS PMO, Ministry of Personnel, Public Grievances and Pensions, Atomic Energy & Space, Dr Jitendra Singh, in his address, said that J&K is now entering the mainstream journey of PM Modi’s New India & the first-ever ‘Real Estate Summit’ today is one of the important links to connect it to mainstream India.

Speaking on the occasion, Sh. Durga Shanker Mishra, Secretary, Ministry of Housing & Urban Affairs (MoHUA), said that a “paradigm shift in terms of development has been witnessed in every sector in J&K. The real estate sector will create a plethora of opportunities for the people of the UT in terms of employment, investment etc.”,

Dr. Arun Kumar Mehta, Chief Secretary, J&K, during his address, said “Good connectivity, clean air, robust infrastructure, and lowest crime rate makes J&K an ideal investment destination”.

Niranjan Hiranandani, Vice Chairman NAREDCO India noted that – Incentivization by the Central and the UT government will go a long way in accelerating the real estate growth in Jammu & Kashmir.

Signing of MoUs will help in exploring new opportunities in untapped locations which hold huge potential for future real estate development in the UT, said Rajan Bandelkar, President, NAREDCO.

In his welcome address, Dheeraj Gupta, Principal Secretary, HUDD, J&K highlighted the growth potential of real estate in J&K.

On the occasion, the Government of J&K signed an MoU on skilling with the National Real Estate Development Council (NAREDCO) under which NAREDCO will 10,000 thousand workers in various skills of the construction industry–electrical, plumbing, masonry, carpentry, and the likes.

A coffee table book capturing the true essence of the new J&K was also released.

The Real Estate Summit- 2021 is organized by the Department of Housing & Urban Development Department, Government of Jammu and Kashmir in collaboration with the Ministry of Housing and Urban Affairs, Government of India.

The real estate companies that signed MoUs include Signature Global, Samyak Group, Raunak Group, Hiranandani Constructions and NBCC for housing projects. Chalet Hotels signed MoU for hospitality.

Raheja Developers, Goel Ganga, GHP Group and Shree Naman Group signed initial pacts for housing projects.

Chander Mohan Gupta, Mayor JMC; Junaid Azim Mattu, Mayor SMC; Surendra Kumar Bagde, Additional Secretary, MoHUA, Advisors to LG, Administrative Secretaries, Divisional Commissioners, senior officers,  investors and real estate developers from across the country attended the summit at Convention Centre, the press release said.

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