J&K Signs 39 MOUs Worth INR 18,000+ Cr.

Jammu Kashmir real estate sector opens to a huge response
imad Clicks/Unsplash

The first ever day-long real estate summit in Jammu and Kashmir was held yesterday and boy-oh-boy, the state signed 39 memorandums of understanding (MOUs), collectively valued at over INR 18,000 crore. 

Time To Build Something Serious

Some of the country's top rated developers agreed to build 19 residential, 8 commercial, 4 hospitality, 3 infrastructure, 2 finance, and 3 film and entertainment projects. 

But all that construction will need skills and knowing this, NAREDCO has signed a deal to undertake the training of 10,000 construction and related skilled workers.

Other Sweeteners

🍦 The summit saw the formal launch of the Model Tenancy Act, meaning landlords and tenants can both rest easy in a transparent rental economy. 

🍦 The J&K Real Estate Regulatory Authority (RERA) website was launched at the summit, along with the Auction of Assets Portal, affordable rental housing complexes scheme at Sunjwan in Jammu, housing schemes, and the J&K Housing Mission Portal.

🍦 Regressive land laws of the past gave way to a new system that enables easy and accurate transfer of land ownership for agricultural, industrial, commercial or residential use. 

🍦 A fast-track single window system was announced by the administration for all proposed projects, assuring quick approvals for shorter development periods. 

🍦 1,000 new EWS apartments under PMAY were launched at the summit, with a commitment that many more would be allotted and built in the near future. 

🍦 Real estate developer, Signature Global, revealed its plans to invest INR 2,000 crore in Jammu & Kashmir to develop 10,000 homes, a majority of which will be in the affordable category.

Way Ahead

🎙 "By March 2022, we will be able to bring an investment of INR 60,000 crore to Jammu and Kashmir", said Lt. Governor Sinha
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