Boost to J&K real estate sector: Lt Gov, Manoj Sinha

Our Bureau | | Updated on: Dec 27, 2021
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39 MoUs involving an investment potential of ₹18,900 crore were inked between NAREDCO developers and J&K Government

Jammu and Kashmir is likely to receive close to ₹60,000 crore of investment in the real estate sector, in the very near future, its Lieutenant Governor, Manoj Sinha, said on Monday. These investments would have multiplier effects on the Union Territory’s economy.

Addressing Jammu and Kashmir Real Estate Summit 2021, jointly organised by Union Ministry of Housing and Urban Affairs, the J&K and NAREDCO, Sinha said, investment proposals of ₹44,000 crore with detailed project reports have been submitted to the departments concerned.

Steps like reducing aviation fuel rate to 1 per cent and rationalising stamp duty rates (on the lines of other States) are being mulled. Infrastructure projects of around ₹100,000 crore are at various stages of implementation the region. Metro projects in both major cities are being considered at. Other ministers present there included the Union Minister of State at PMO Jitendra Singh and Union Minister of Housing and Urban Affairs and Minister of Petroleum and Natural Gas, Hardeep Singh Puri.

39 MoUs involving an investment potential of ₹18,900 crore — 19 in residential, eight in commercial real estae, four in hospitality, three in the infrastructure, sector, two in finance and three in film and entertainment — were inked between developers and J&K Government.

Published on December 27, 2021

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