39 MoUs Worth Rs 18300 Cr Signed In Real Estate Sector  

SRINAGAR: Jammu and Kashmir administration led by Lt Governor Manoj Sinha on Monday signed 39 MoUs worth Rs 18,300 crore at the daylong Real Estate Summit – 2021 in Jammu. The deals pertain to the creation of built up spaces in the residential, commercial, infrastructure, and film sectors, a spokesman of the government said.

Union Minister, Lt Governor during Real Estate Summit-2021

While 20 MOUs were signed for development of housing projects, seven were inked for commercial, four for hospitality, three infratech, three film and entertainment and two were finance projects.

Though no details of the MoUs were given, the spokesman said one MoU was signed with the National Real Estate Development Council (NAREDCO) under which 10,000 workers in various skills of the construction industry–electrical, plumbing, masonry, carpentry – will be trained.

Unofficial sources said the real estate companies which have signed Memorandum of Understanding include Signature Global, Samyak Group, Raunak Group, Hiranandani Constructions for housing projects. Chalet Hotels Limited signed MoU for hospitality. Raheja Developers, Goel Ganga, GHP Group and Shree Naman Group signed initial pacts for housing projects.

The spokesman said “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 had come together in the summit. Governor said the next edition of the summit would take place in Srinagar in May.

The summit saw the adoption of the Model Tenancy Act, which according to LG Sinha was 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.

“Development of local businesses is imperative in scripting the growth story of Jammu and Kashmir,” Sinha said. “Besides national players in real estate, local developers of Jammu and Kashmir will also be at the focus of this new dawn of development of real estate sector in the UT.”

Sinha said three Housing Schemes were launched 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 Lt Governor said that the regressive land laws were amended providing relief to many sectors from farming to industries, education, real estate, hospitals and IT,” the spokesman said. “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.”

LG said the land use policy were recently amended “so that the companies eager to set up industries do not face the problem of land.”

Attributing the “massive transformation” in Jammu and Kashmir to the developments on August 5, 2019, LG Sinha said in a year his administration has received 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,” he added. He said one lakh crore rupees are being sent on road and tunnel projects.

Those who attended the event included union ministers,

Dr Jitendra Singh, Hardeep Singh Puri (Housing and Urban Affairs Minister) and a number of top officers from different ministries.

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