J&K admin signs realty MoUs worth Rs 18,900 crore

Dec 27,2021

Nineteen of these MoUs were related to the residential sector. Eight were for commercial projects and four were for hospitality. There were three MoUs for infrastructure, two for finance and three for the film and entertainment sector.

The Jammu and Kashmir administration Monday signed 39 ‘memorandums of understanding’ worth Rs 18,900 crore with real estate investors for developing housing, hospitality and other commercial projects in the Union Territory.

Lieutenant Governor Manoj Sinha spoke to the investors of the benefits — such as concessions in stamp duty — that are available under the Union Territory’s new industrial policy. He also assured them of a single-window system for faster clearance.

The MoUs were signed at the Jammu and Kashmir Real Estate Summit 2021 in the presence of Union Minister for Housing and Urban Affairs Hardeep Singh Puri, Union Minister of State for the PMO Jitendra Singh and Sinha. The one-day summit was organised by the Union Ministry of Housing and Urban Affairs, the Jammu and Kashmir administration and realty body National Real Estate Development Council (NAREDCO).

Nineteen of these MoUs were related to the residential sector. Eight were for commercial projects and four were for hospitality. There were three MoUs for infrastructure, two for finance and three for the film and entertainment sector.

Lt Governor Sinha said a similar summit will be held in Srinagar on May 22-23 next year.

Sinha said there were “hurdles” in bringing investment to Jammu and Kashmir before August 5, 2019, adding that those walls “have now started crumbling”.

He also referred to Jammu and Kashmir’s new industrial policy, saying the Union Territory has received investment proposals worth Rs 44,000 crore instead of the initial expectation of Rs 30,000 crore. These proposals have come from people who have already deposited fees and ‘detailed project reports’ with the Industries Department, the L-G said.

Union Minister Puri, meanwhile, spoke on the reduction in stamp duty structure for real estate investment, and called on investors to come to the Union Territory.