Real Estate is the second largest employer in the country, says Hardeep Singh Puri

Dec 28,2021

Union Minister of Housing and Urban Affairs and Petroleum and Natural Gas Hardeep Singh Puri said that Real Estate is the second-largest employer in the country, with the multiplier effect that will create innumerable opportunities in J&K in terms of employment, investment, and hence economic growth.

The Minister said this while addressing the first-ever ‘Real Estate Summit- 2021’ at Convention Centre, Jammu.

The Real Estate Summit- 2021 is organized by the Department of Housing & Urban Development Department, Government of Jammu and Kashmir in collaboration with the Ministry of Housing and Urban Affairs, Government of India.

Hardeep Singh Puri in his address said that the natural endowments in the UT of J&K & the resilience of its people are second to none in the world which is now needed to be translated into economic development, prosperity, and ease of living. The Minister further said that this first-ever Real Estate Summit will rectify the past and will have a multiplier effect on J&K in the coming years.

Puri also said that the demand for real estate construction in J&K is not only in housing but also in tourism, hospitality, warehousing, which is at least 2.5 to 3.0 lakh units. The Minister further said that J&K has land and ready demand & this summit today will accelerate that process in due course of time.

Puri expressed satisfaction that the Real Estate Regulatory Authority Act (RERA) and the Tenancy Act have been implemented in J&K which will help in the ease of doing business here. Sh. Puri also said that the Metro Railway Project in J&K is in the final stages of approval.

The minister also said that the implementation of the flagship schemes like AMRUT, Swachh Bharat Mission, Smart City Mission, PMAY, etc. in J&K are much appreciated and the figures of implementation are very encouraging. Puri emphasized that a Davos-like platform must be created in J&K having nice topography for which the J&K Government will be fully supported by MoHUA.

Union Minister Dr. Jitendra Singh in his address during the summit said that J&K is now entering the mainstream journey of PM Modi’s New India & the first-ever ‘Real Estate Summit’ today is one of its important links to connect it to mainstream India.

The Minister said that the investment proposals in J&K will reach Rupees one lakh crore in the coming years. As envisaged by PM Narendra Modi, Dr. Singh said that J&K should be at par in terms of economic development with the other states and UTs of the country in various sectors.

He also said that all the Central Laws- be that the Prevention of Corruption Act, RTI Act, CVC Act, etc. are now applicable to the UT of J&K like other states and UTs in the country. He further said that all the erstwhile laws in J&K which were the impediments in the progress and development of J&K have been either repealed or amended.

Dr. Singh also said that the important development projects that were earlier stalled were taken care of after 2019 like the Shahpur Kandi Dam Project. The Minister further said that a new dawn of development has emerged in J&K after 2019 as the establishment of two AIIMS, eight medical colleges, IIT, IIM, IIMC, North India’s First Biotechnology Park, National Highway Projects, etc.

The Minister said that if J&K wants to be part of global India as India being a part of the global world, it has to follow all the parameters followed by the rest of the country to seek all the benefits which are made available by the government.

Dr. Singh reiterated that soon after PM Narendra Modi took oath as the PM of India on 26th May 2014, one of his earliest declarations of intent was that his government would resolve to bring those regions of the country on the path of development that has missed the development journey of the rest of India so as to make them at par with the developed regions of the country.

Lieutenant Governor J&K, Manoj Sinha in his address said that this first-ever Real Estate Summit in J&K will have a multiplier effect on J&K in terms of investment, employment, GDP, etc.

LG further said that the erstwhile laws have been amended after 2019 and all the Central Laws have been applied for the welfare of the people of J&K as the erstwhile laws were the real hurdles in the development of the UT.

He emphasized that with the opening of the plethora of avenues in J&K after the abrogation of Article 370, the time will come that it would become Davos of New India.

During the summit, Hardeep Singh Puri e-launched ‘Auction of Assets Portal’, Affordable Rental Housing Complexes Scheme at Sunjwan, Jammu, J&K RERA portal, Housing Schemes, and J&K Housing Mission Portal.

During the summit, many MoUs were exchanged between NAREDCO National & NAREDCO J&K Chapter, NAREDCO & LEAD, NAREDCO & NAR, NAREDCO & J&K Housing and Urban Development Department, JK Industry & Commerce Department and Haldiram and JK Housing Board &Central Government Employees Welfare Housing Organization