{"id":4798,"date":"2022-01-09T07:58:42","date_gmt":"2022-01-09T07:58:42","guid":{"rendered":"https:\/\/www.propertypistol.com\/blog\/?p=4798"},"modified":"2022-01-09T07:58:46","modified_gmt":"2022-01-09T07:58:46","slug":"in-jammu-and-kashmir-real-estate-businesses-aim-to-invest-rs-18900-crore","status":"publish","type":"post","link":"https:\/\/www.propertypistol.com\/blog\/in-jammu-and-kashmir-real-estate-businesses-aim-to-invest-rs-18900-crore\/","title":{"rendered":"In Jammu and Kashmir, real estate businesses aim to invest Rs 18,900 crore"},"content":{"rendered":"\n<p><em>As the Union Territory sets up for expansion of commercial &amp; residential developments, real estate businesses expect to invest Rs 18,900 crore in Jammu and Kashmir.<\/em><\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Investors collaborated to create 19\napartment, eight institutional, four hotel, three transportation, two\nfinancial, and three filmmaking and recreation ventures with the UT government\nafter signing 39 memorandums of agreement.<\/p>\n\n\n\n<p>These contracts were inked in Jammu at the Real Estate Summit 2021,\nwhich was organized by the department of housing and urban affairs, the\ngovernment of Jammu and Kashmir, as well as the National Property Development Board.<\/p>\n\n\n\n<p>Just after government modified laws in October 2020, allowing\npersons from elsewhere in the province to acquire property and land, the\nproposed developments are intended to boost real estate infrastructural\ndevelopment. Unfortunately, the guidelines were changed, little has changed on\nthe reality.<\/p>\n\n\n\n<p>Hardeep Singh Puri, the minister of housing and urban affairs, have\nsaid inaugural real estate conference should help correct the mistake and have\na multiplier impact in J&amp;K in the future years.<\/p>\n\n\n\n<p>As per a statement released by the ministry\nof housing and urban affairs on December 27, this should generate endless\nchances in J&amp;K in conditions of jobs, development, thus, as a result,\ngrowth in the economy.<\/p>\n\n\n\n<p>The minister stated that value of the real\nestate building in J&amp;K wasn&#8217;t just in housing but in tourism,\nentertainment, and storage.<\/p>\n\n\n\n<p>&#8220;The confirmation of the MoUs would\nalso assist in the exploration of new career advancement in underserved areas\nwith enormous potential for real estate growth in relation of housing,\nadvertisement, hotel management and department stores, storage and\ndistribution, transportation, and public health care projects,&#8221; said\nNAREDCO president Rajan N Bandelkar.<\/p>\n\n\n\n<p>&#8220;It also indicates the government&#8217;s eagerness to encourage\nbuilders in the sake of cooperative and fair progress.&#8221;<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>Interest for second houses is huge<\/strong><\/h5>\n\n\n\n<p>Real estate developers expect demand from\nusers and for second homes in J&amp;K, given the nearby pilgrimage and tourist\ndestinations.<\/p>\n\n\n\n<p>\u201cThere is significant demand from people\nliving in Srinagar to buy a house in Jammu to spend their summers,\u201d said\nNiranjan Hiranandani, vice chairman of NAREDCO.<\/p>\n\n\n\n<p>\u201cSimilarly, we expect people from other\nparts of the country to buy homes in Jammu as their second homes.\nIncentivisation will go a long way in accelerating real estate growth in Jammu\n&amp; Kashmir.\u201d<\/p>\n\n\n\n<p>Pradeep Aggarwal, founder of Signature Global, plans to invest Rs\n2,000 crore in Jammu &amp; Kashmir to develop 10,000 housing units.<\/p>\n\n\n\n<p>According to\nproperty developers, the industry will flourish in this new place due to\nincreased urbanisation, commercial growth, and upward mobility. Furthermore,\nthe main goal of the &#8216;Build in J&amp;K&#8217; initiative, coordinated by both the\nHousing and Urban Development Department and the government of Jammu &amp;\nKashmir, is to provide all required support, along with a favorable legal and\nfinancial framework.<\/p>\n\n\n\n<p>Puri believes that J&amp;K&#8217;s adoption of the Real Estate Regulatory Authority Act and the Tenancy Act will make conducting business in the UT easier.<\/p>\n\n\n\n<p style=\"font-size:12px\"><em><strong>Disclaimer:&nbsp;<\/strong>The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information<\/em>.\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the Union Territory sets up for expansion of commercial &amp; residential developments, real estate businesses expect to invest Rs 18,900 crore in Jammu and Kashmir.<\/p>\n","protected":false},"author":2,"featured_media":4800,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_eb_attr":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[80],"tags":[262],"class_list":["post-4798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-infrastructure","tag-jammu-kashmir","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>In Jammu and Kashmir, real estate businesses aim to invest Rs 18,900 crore - Real Estate Sector Latest News, Updates &amp; 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