LG Lays Foundation Stone For Rs 250 Crore Worth Mall At Sempora,Says First ‘Direct Foreign Investment In JK’

SRINAGAR: Jammu and Kashmir’s Lieutenant Governor Manoj Sinha Sunday laid the foundation stone for the first direct foreign investment project at the Sempora area of Srinagar where a mega-mall will come up at a whopping Rs 250 crore.

A DIPR photograph showing Lt Gov Manoj Sinha laying the foundation stone of Dubai based Emaar Group’s Kashmir Mall on March 19, 2023.

Talking to reporters on the sidelines of the function, the LG said that today is the historic day for the JK as the United Arab Emirates (UAE) based EMAAR Group has decided to invest Rs 250 Crore to set up a mega-mall on the 10 lakh square feet area at Sempora, Srinagar. “This is a moment of pride. The Emaar group will also invest in setting up IT towers in Jammu and Srinagar, besides the mall and total investment by the group will touch Rs 500 Crore,” he said, according to local news gatherer KNO.

Earlier, addressing the gathering, the LG said that the investment made by the Emaar group is just a beginning. He urged the EMAAR group to ensure the completion of the mall within the shortest possible time.

The LG said that some people have a negative mindset in JK and continue to criticize the government policies as they can’t digest the huge development taking place in the UT.

“JK has witnessed a huge sea change post August 5, 2019. The government land was kept under illegal possession by some people that was retrieved. The land retrieved will be used for setting up industries, playgrounds for youth and graveyards for the people,” he said.

The LG said that JK was getting the cheapest power in the country. “JK is the first place after Telangana to have first Women Entrepreneur Institute (WEI),” he said.

Meanwhile an official spokesman has issued the followed detailed statement about the event.

“Lieutenant Governor Shri Manoj Sinha laid the foundation stone for Mall of Srinagar by Dubai’s Emaar Group at Sempora, today.

The Lt Governor congratulated the people of J&K on the historic occasion.

This is a new dawn of limitless possibilities. We are taking forward Hon’ble PM Shri Narendra Modi ji’s vision for development of J&K. Mall of Srinagar will have transformative impact on UT & boost infrastructure, employment generation and ease of living, said the Lt Governor.

“The Mall of Srinagar & allied projects with Government of Dubai will fuel the economic growth of J&K and bring us closer to achieving the shared vision of strengthening bilateral trade and investment ties between India and UAE,” observed the Lt Governor.

The credit for the strong ties between UAE and India goes to the strenuous efforts of Hon’ble Prime Minister, said the Lt Governor.

The Lt Governor highlighted the progressive reforms introduced under the guidance of Hon’ble Prime Minister to create a favourable environment for Industries and Business to flourish in J&K.

“Unprecedented Industrial investment & economic growth of J&K is laying the foundation for a stronger and more prosperous future for the people of Union Territory,” said the Lt Governor.

The Lt Governor expressed gratitude to the Hon’ble Prime Minister and the Hon’ble Home Minister for new industrial development scheme.

Within 22 months of implementation of New Industrial Policy, we have received investment proposals from more than 5000 domestic and foreign companies. Every day, 8 companies have expressed their willingness to invest in J&K, the Lt Governor noted.

A new industry is becoming operational in the UT every day. Last month, 45 industries started their operations, he added.

Hon’ble Prime Minister has already done the groundbreaking ceremony for projects worth Rs 38,000 crore. Those who raised questions on employment post August 2019, should introspect what they have done for J&K in the past decades. Only Rs 14,000 cr industrial investment came to J&K since independence till 2019, said the Lt Governor.

In the last three years, we have registered phenomenal growth in different sectors and in terms of knowledge, physical and digital connectivity, Jammu and Kashmir has performed exceptionally well in the entire country, he added

The Lt Governor invited the Industry leaders from across the world to be a part of the new industrial revolution of Jammu Kashmir.

We have broadened the economic and social base of development and are offering best incentives across the country, land for industries, skilled labour, technical support, market connectivity, national and international air cargo facilities, raw materials, cheapest power, lowest crime rate, single window clearance, ease of doing business, he observed.

One lakh crore rupees worth highways and tunnels projects are going on in J&K UT. Kashmir will be connected to Kanyakumari this year. The flight operations in both Jammu & Srinagar airports have increased and international flight connectivity has been strengthened, observed the Lt Governor.

Today, peace is prevailing in Jammu Kashmir. Days of Hartals have become history now. World has witnessed the youth and people of Pulwama, Tral, Shopian coming out of their houses in huge numbers with national flags in their hands, he noted.

Jammu Kashmir has everything to offer to maximize the immense potential of the business. This decade belongs to Jammu Kashmir, the Lt Governor said.

Amit Jain, CEO Emaar said the Mall of Srinagar is one of our milestone projects and we are excited about the potential of it. As Emaar group, we bring along strong relationships with leading retail brands of UAE, most of which will be launching their presence in India through this initiative, he added.

It was informed that Emaar Group will develop One IT tower at Jammu and One at Srinagar.

The mega-mall is the first significant FDI investment in Jammu and Kashmir to facilitate investments in marquee projects as per the MOU signed between the governments of the UAE and India. Launched by Emaar and Magna Waves Buildtech, the mall is set to become operational by 2026.

In January 2022, during the Investor meet at Dubai, J&K Government entered into a bilateral agreement with various stakeholders and Government of UAE to deliver over a billion dollars worth of projects in the valley. These projects include the development of industrial parks, a medical college, a specialty hospital, logistics centres, IT towers, and multipurpose towers, in addition to the Mall of Srinagar by Emaar.

Eminent dignitaries, including Kailash Vijayvargiya, National General Secretary of BJP; Dr Aman Puri, Consul General of UAE; RR Bhatnagar, Advisor to Lt Governor; Dr Arun Kumar Mehta, Chief Secretary and Nikhil Nanda, MD of Magna Waves Buildtech were present.”


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