Major Hospitals, Real Estate Companies Investing In Kashmir, MoU’s This Week

SRINAGAR: Medanta, Apollo and Haldiram are among the few big names which will sign non-binding Memorandums of Understanding (MoUs) running into thousands of crores with Housing and Urban Development Department (H&UDD) here on December 27 in the presence of Union Minister of Housing and Urban Affairs Hardeep Singh Puri, Union Minister of State in the Prime Minister’s Office (PMO) Dr Jitendra Singh, Lieutenant Governor Manoj Sinha, Chief Secretary Dr Arun Kumar Mehta and other top bureaucrats of Central and Jammu and Kashmir Governments, reported Daily Excelsior.

Quoting official sources the newspaper Daily Excelsior reported that Industries & Commerce Department will sign MoUs for establishment of hospitals in Jammu and Kashmir by Medanta and Apollo Groups. The Department will also sign MoU with Haldiram for establishment of its Units in J&K.

The H&UDD and Real Estate Companies will sign 15 non-binding MoUs for real estate development in the Union Territory.

In the presence of Hardeep Singh Puri, Dr Jitendra Singh, Manoj Sinha, Dr Niranjan Hiranandani, vice chairman National Real Estate Development Corporation (NAREDCO), Dr Arun Kumar Mehta, Durga Shankar Mishra, Secretary, Ministry of Housing and Urban Development and Dheeraj Gupta, Principal Secretary H&UDD, the Tenancy Act will be adopted while Affordable Rental Housing Complexes (ARHC) will be launched in Jammu and Kashmir. Real Estate Regulatory Authority (RERA) portal and registration & approval under RERA will also be launched on the occasion.

“Jammu Kashmir Housing Board (JKHB) will sign MoU with the Central Government Employees Welfare Housing Organization (CGEWHO), Ministry of Housing and Urban Development for construction of residential accommodation for Central and Union Government employees. Launch of Auction Portal and auction of assets of Housing Board and Jammu Development Authority (JDA) under it will also be done,” Daily Excelsior quoted sources as having said.

The H&UDD and NAREDCO will sign MoU for skilling under National Urban Livelihoods Mission (NULM) in the Union Territory. The NAREDCO will also sign MoU for Real Estate Development with NARDECO Jammu and Kashmir, sources said.

They added that NAREDCO will sign MoU with LEADs for investment in Real Estate sector. It will also enter into MoU with National Association of Realtors (NAR) for training, handholding and strengthening Real Estate Agent network in Jammu and Kashmir.

The day-long function will also see unveiling of policies/MoUs, inaugural of skilling initiative and launch of book.

Several sessions will be addressed by top bureaucrats from Central and Jammu and Kashmir Governments on the occasion. The topic include ‘Vision Jammu and Kashmir for Real Estate: Sector Overview, Opportunities and Challenges’. ‘Catalyst to Growth: Ease of Doing Investment in Jammu and Kashmir’, ‘Opportunity for Investors: Affordable Housing, Luxury Housing, Second Home, Rental Housing in J&K’ and ‘Next Destination J&K: Tourism, Films & Entertainment, Logistics, Commercial, Warehousing’.

Quoting sources newspaper Daily Excelsior reported that the Central and Jammu and Kashmir Governments are expecting investments running into thousands of crores in Real Estate sector also following abrogation of special status of Jammu and Kashmir on August 5, 2019 and bifurcation of the erstwhile State into two Union Territories of J&K and Ladakh.

“The Jammu and Kashmir Real Estate Investors Summit 2021” as the function has been named is the first of its kind in the Union Territory post August 5, 2019 decisions.

In 2019, the Jammu and Kashmir Government had planned Investors Summit in Jammu and Kashmir but the proposal was shelved due to outbreak of Coronavirus. Later, the J&K received unprecedented response to its Industrial Development Scheme and the need wasn’t felt to have the Summit.

As per the latest figures, Jammu and Kashmir has already received Rs 31,000 crore worth investment proposals and approved more than 50 percent of them. The Government is expecting the proposals to cross Rs 50,000 crore shortly.

Recently, Lieutenant Governor Manoj Sinha had stated that the industrial development will be taken to village, block and tehsil levels for development of the rural areas, said the report.

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