The first-ever real-estate summit in Jammu and Kashmir evoked an encouraging response as 39 Memorandum of Understandings (MoUs) worth Rs 18,300 crore were signed on Monday to foster growth and development in the Union Territory. The MoUs include investments in the residential, commercial, infrastructure, and film sectors.
Titans of India's real estate sector, including promoters in residential, retail, and commercial space, entertainment industry, tourism and hospitality, logistics and warehousing, and financing institutions came together for the growth of J&K at the first-ever real estate summit-2021.
Real estate to create innumerable opportunities for J&K's growth: Hardeep Singh
Union Housing and Urban Affairs 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", he said.
Puri thanked the Lieutenant Governor of J&K Manoj Sinha 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 drastically reeducation on the rates of civil aviation fuel including massive rationalization in stamp duty structure for the real estate.
Puri also urged Manoj Sinha to create DAVOS type platform within the Union Territory, be it at Jammu and Srinagar so that conferences of a very high scale are organized in this beautiful landscape in which investors worldwide could assemble and deliberate and debate issues and policy framework for the betterment of the entire world.
J&K gearing up to receive Rs. 60 thousand crores of investment soon: LG
Speaking on the occasion Lieutenant Governor Manoj Sinha predicted that it is likely to receive close to Rs 60 thousand crores of investment in the real estate sector in the very near future since the government of the day has top priority to transform this sector which would have multiplier effects on the UT's economy.
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.
"Last few years have seen tremendous change in terms of good governance, delivering development and transforming the infrastructure of the UT. Barriers to businesses in J&K have been removed. The UT of Jammu and Kashmir is now an attractive place to do business and invest", he said.
He announced 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 the development of the real estate sector in the UT", he added.
Highlighting the key features of the Model Tenancy Act which was adopted today by the government, the Lt Governor 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.
Union Minister Dr.Jatindra Singh in his address said that J&K is now entering the mainstream journey of Prime Minister Narendra Modi's new India, and the first-ever "real estate summit' today is one of the important links to connect it to mainstream India.
10,000 construction workers to be skilled in two years
National Real Estate Development Council (NAREDCO), State Urban Livelihoods Mission (NULM) under Ministry of Housing and Urban Affairs, Government of India, and Government of Jammu and Kashmir, signed a tripartite agreement today to train and certify 10,000 construction workers in a span of two years. This was announced at the Jammu & Kashmir real estate summit.
The tripartite agreement aims to equip construction workers with necessary and industry-relevant skills to ensure quality constructions, enhanced employability, higher wages, and better living. The government-certified skilling programs will be truly a win-win scenario as it will have a multiplier effect in terms of upskilling and reskilling the existing laborers, garnering better employment opportunities and placement with formal training.
NAREDCO Developers signs MOUs worth Rs 18,900 crores
39 MoUs inked between the NAREDCO Developers and the Government of Jammu and Kashmir.
The set objective of the J&K government is intended to foster growth and development in Jammu and Kashmir to boost employment and per capita real income.
The Total No. of MoUs exchanged comprised 39 involving Rs. 18900 crores in sectors such as 19 residential, eight commercial, four hospitality, three infrastructure, two finance, three in film, and entertainment.
