In Jammu and Kashmir, real estate businesses aim to invest Rs 18,900 crore
As the Union Territory sets up for expansion of commercial & residential developments, real estate businesses expect to invest Rs 18,900 crore in Jammu and Kashmir.
Investors collaborated to create 19 apartment, eight institutional, four hotel, three transportation, two financial, and three filmmaking and recreation ventures with the UT government after signing 39 memorandums of agreement.
These contracts were inked in Jammu at the Real Estate Summit 2021, which was organized by the department of housing and urban affairs, the government of Jammu and Kashmir, as well as the National Property Development Board.
Just after government modified laws in October 2020, allowing persons from elsewhere in the province to acquire property and land, the proposed developments are intended to boost real estate infrastructural development. Unfortunately, the guidelines were changed, little has changed on the reality.
Hardeep Singh Puri, the minister of housing and urban affairs, have said inaugural real estate conference should help correct the mistake and have a multiplier impact in J&K in the future years.
As per a statement released by the ministry of housing and urban affairs on December 27, this should generate endless chances in J&K in conditions of jobs, development, thus, as a result, growth in the economy.
The minister stated that value of the real estate building in J&K wasn’t just in housing but in tourism, entertainment, and storage.
“The confirmation of the MoUs would also assist in the exploration of new career advancement in underserved areas with enormous potential for real estate growth in relation of housing, advertisement, hotel management and department stores, storage and distribution, transportation, and public health care projects,” said NAREDCO president Rajan N Bandelkar.
“It also indicates the government’s eagerness to encourage builders in the sake of cooperative and fair progress.”
Interest for second houses is huge
Real estate developers expect demand from users and for second homes in J&K, given the nearby pilgrimage and tourist destinations.
“There is significant demand from people living in Srinagar to buy a house in Jammu to spend their summers,” said Niranjan Hiranandani, vice chairman of NAREDCO.
“Similarly, we expect people from other parts of the country to buy homes in Jammu as their second homes. Incentivisation will go a long way in accelerating real estate growth in Jammu & Kashmir.”
Pradeep Aggarwal, founder of Signature Global, plans to invest Rs 2,000 crore in Jammu & Kashmir to develop 10,000 housing units.
According to property developers, the industry will flourish in this new place due to increased urbanisation, commercial growth, and upward mobility. Furthermore, the main goal of the ‘Build in J&K’ initiative, coordinated by both the Housing and Urban Development Department and the government of Jammu & Kashmir, is to provide all required support, along with a favorable legal and financial framework.
Puri believes that J&K’s adoption of the Real Estate Regulatory Authority Act and the Tenancy Act will make conducting business in the UT easier.
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