Good day to Jammu and Kashmir
News Agency / Jammu
The real estate business in Jammu and Kashmir, which has been waiting for progress for decades, is about to take off. Now, projects of reputed companies like Hiranandani Group, Signature Global, NBCC and Raheja Developer will be set up in the state. For this, the state government has entered into 39 MoUs with these companies. These MoUs have paved the way for investment of around Rs 19,000 crore in the real estate sector in the state.
The Jammu and Kashmir government has said that the Union Territory has opened up avenues for real estate investors in the country. The agreements reached yesterday are for the development of housing, hotel and commercial projects. The signing of the MoU at the Real Estate Summit is historic and an important step towards transformation in the Union Territory, said Jammu and Kashmir Lieutenant Governor Manoj Sinha.
Speaking at a press conference during the summit, Lt Governor Sinha said the government has already enacted the Real Estate Act here and the Rental Act. The government, like other states, will waive stamp duty on land, house and shop registration. Also a single approval system will be set up for speedy implementation of projects.
The Lieutenant Governor further said, “We have signed 39 MoUs today. We have received investment proposals of Rs 18,300 crore. ” Industry body Naredco said several companies, including Hiranandani Group, Signature Global, NBCC and Raheja Developers, have entered into MoUs with investment proposals worth Rs 18,900 crore. Other real estate companies including Samyak Group, Raunak Group, Goyal Ganga, GHP Group and Shree Naman Group signed preliminary agreements for housing projects, while Shaile Hotels on the other hand signed MoUs for hotel projects. Meanwhile, the Department of Industry and Commerce has entered into an agreement with Haldiram Group to set up a unit in Jammu and Kashmir. The conference was organized by the Government of Jammu and Kashmir, the Union Ministry of Housing and Urban Affairs and the Association of Real Estate Companies, Naredco.