Lieutenant Governor of Union Territory of Jammu & Kashmir, Manoj Sinha, on Monday said that the Union Territory is likely to receive Rs 60,000 crore of investment in the real estate sector in near future as the present Govt’s top priority is to transform this sector in order to have multiplier effects on the UT’s economy.
Addressing Jammu and Kashmir Real Estate Summit 2021, jointly organised by Ministry of Housing and Urban Affairs, Government of India, Govt. of Jammu and Kashmir and NAREDCO Sinha indicated that investment proposals worth Rs 44 thousand crores with their detailed project reports have already been submitted to the concerned departments of the Govt. A total number of 39 MoU's worth Rs 18,300 crores were inked between the NAREDCO Developers and Government of Jammu and Kashmir on the sidelines of Real Estate Summit held at Jammu Convention Centre.
Out of 39 MoU's in different sectors, 19 were signed in the residential, 8 Commercial, 4 Hospitality, 3 Infrastructure, 2 Finance, and 3 Film and Entertainment sectors.
The Lieutenant Governor also announced that given the success of the real estate summit 2021 at Jammu, the Govt is so encouraged to see the response of investors that it would host a similar conference on 21st and 22nd May 2022 at Srinagar and make it even larger in scale.
Sinha pointed out that despite inheriting a bad economy from the previous regime, the present Govt has taken host of initiatives to rationalize the then prevailing administrative weaknesses and made multiple corrections on them which includes drastically reducing aviation fuel rate from 26% to 1% and setting up a rationalized stamp duty structure among others.
He informed that multiple projects relating to infrastructure of around Rs. 1 lakh crores of investments are at various stages of implementation in the entire Jammu and Kashmir region and added that shortly with the help of the central government the Union Territory will be able to launch the metro projects in both major cities ‘Jammu & in Srinagar’. The Lt. Governor also informed” the present govt. is building a central secretariat and dwelling units for state employees including those that work for the police force. It is also moving very fast to creating infrastructure such as hotels, parks, IT hubs, and more”.
During the occasion a coffee table book was also launched which contained information relating to the Union Territory and MoU’s were signed for over Rs. 18 thousand crores of projects in various areas of economy. Launch of Auction Portal and Auction of Assets portal were also done during the occasion, besides a RERA portal was also launched in the presence of Union Minister of State at PMO Dr. Jitendra Singh and Union Minister of Housing and Urban Affairs and Minister of Petroleum and Natural Gas Hardeep Singh Puri.
Speaking on the occasion Hardeep Singh Puri thanked the Lt. Governor of Union Territory of Jammu and Kashmir for taking up developmental projects for its people in such a short span of time and created an atmosphere of friendly industry related policy on multiple fronts. The Union Minister particularly emphasized on drastically reeducation on the rates of civil aviation fuel including massive rationalization in stamp duty structure for the real estate.
Puri also urged the Lt. Governor Mr. Manoj Sinha to create DAVOS type a platform within the Union Territory, be it at Jammu and Srinagar so that conferences of very high scale are organsied in this beautiful landscape in which investors worldwide could assemble and deliberate and debate issues and policy framework for betterment of the entire world.
Union Minister of State for PMO Dr. Jitendra Singh who also participated in the conference informed that ever since Modi govt. has come to power from 2014 onwards, the development and its pace was accelerated in the entire Jammu and Kashmir, the development of which was neglected by the earlier regimes.
Speaking on the occasion President NAREDCO India Rajan Narayan Bandelkar urged that his association would do its best to make the proposed May 2022 Real Estate Summit in Srinagar as the very best in all parameters and ensure larger participation for it. He also emphasized that the Central Govt. should come out with the policy measure so that the issue of Input TAX Credit related to real estate is sorted out in the sense that those developers who wish to go through this route may go or else who choose to deviate from it.
Vice Chairman, NAREDCO India, Dr. Niranjan Hiranandani in his address sought that the Jammu and Kashmir administration should focus on mixed use township development as its top priority, and sought participation from industry stakeholders.
This will enable Union Territory to move up on the path of growth in an equitable manner with a win-win situation for each participant.
Among others who were present on the occasion and demanded industry participation to building real estate in Jammu and Kashmir included Principal Secretary, Housing and Urban Development Department Govt. of J&K Dheeraj Gupta, IAS, Chief Secretary, Jammu and Kashmir Arun Kumar Mehta, Secretary MoHUA Mr. Durga Shanker Mishra, Mayor Jammu Municipal Corporation Chander Mohan Gupta and Mayor Srinagar Municipal Corporation Junaid Mattoo.
