Land Laws eased for Real Estate Business in J&K
Titans of India’s Real Estate Sector, including promoters in Residential, Retail & Commercial space, Entertainment Industry, Tourism & Hospitality, Logistics & Warehousing and Financing Institutions came together for the growth of J&K at the first-ever ‘Real Estate Summit-2021’. In presence of Hardeep Singh Puri, Union Housing & Urban Affairs Minister; Manoj Sinha, Lieutenant Governor, J&K and Dr. Jitendra Singh; Union MoS, 39 MoUs worth Rs 18,300 Crore were signed today to foster growth and development in Jammu and Kashmir. It includes investments in the residential, commercial, infrastructure, and film sectors. During his address, the Union Minister, Hardeep Singh Puri said that Real Estate, being the second largest employer in the country will create innumerable opportunities for economic growth in J&K. The natural endowments in the UT of J&K and resilience of its people are second to none in the world which now need to be translated into economic development, prosperity and ease of living, said the Union Minister.
The Lt Governor, Manoj Sinha termed the event as a historic milestone in J&K’s Real Estate sector. Last few years have seen tremendous change in terms of good governance, delivering development & transforming the infrastructure of the UT. Barriers to businesses in J&K have been removed. The UT of Jammu & Kashmir is now an attractive place to do business and invest, said the Lt Governor. The Lt Governor announced that the next ‘Real Estate Summit’ will be organized in Srinagar on 21st and 22nd May 2022. Development of local businesses is imperative in scripting the growth story of J&K. Besides national players in real estate, local developers of J&K will also be at the focus of this new dawn of development of real estate sector in the UT, he added.
The Lt Governor expressed his gratitude to the Prime Minister Shri Narendra Modi and the Union Minister for Housing & Urban Affairs, Hardeep Singh Puri for revolutionizing the real estate sector in J&K. The multiplier effect of the first-ever Real Estate Summit in J&K will be felt across the entire UT in coming years, added the Lt Governor. Highlighting the key features of the Model Tenancy Act which was adopted today by the government, the Lt Governor said that the Act has been 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. Recently, we have made changes in the Land Use Policy so that the companies eager to set up industries do not face the problem of land, said the Lt Governor. Despite being endowed with immense natural wealth, business opportunities and excellent human capital, the progress of the industries in J&K were stalled. Since, 5th August 2019, J&K is undergoing a massive transformation, and Industries from all over the country are seeing Jammu and Kashmir as their preferred destination for investments and business ventures, observed the Lt Governor.
Union MoS (I/c), Ministry of Science & Technology, Earth Sciences, MoS PMO, Ministry of Personnel, Public Grievances and Pensions, Atomic Energy & Space, Dr Jitendra Singh, in his address, 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 the important links to connect it to mainstream India. Speaking on the occasion, Durga Shanker Mishra, Secretary, Ministry of Housing & Urban Affairs (MoHUA), said that a paradigm shift in terms of development has been witnessed in every sector in J&K. The real estate sector will create a plethora of opportunities for the people of the UT in terms of employment, investment etc, he added. Dr. Arun Kumar Mehta, Chief Secretary, J&K, during his address, said “Good connectivity, clean air, robust infrastructure, and lowest crime rate makes J&K an ideal investment destination”.
