Kashmir Magazine By : Kashmir Magazine | Srinagar, Publication Date: Friday, January 14, 2022 1:31:47 AM | Updated Date : Friday, January 14, 2022 1:31:47 AM
The Centre and J&K government held the first-ever Real Estate Summit 2021 in Jammu on December 27, 2021, to encourage people from across India to invest in real estate and property in Jammu and Kashmir.
The summit was organized by the Union ministry for housing and urban affairs in collaboration with the J&K government. During the summit, 39 memorandum of understandings (MOUs) were also signed, half of them on construction of residential homes.
Before Jammu and Kashmir was stripped of its special status and statehood, outsiders, classified as non-permanent residents, were barred from buying immovable property in J&K, applying for government jobs and taking part in elections.
The summit was told that under the new J&K Development Act, the term 'being a permanent resident of the state' as a criterion has been omitted to pave the way for investors from outside to invest there.
The J&K government called the summit a “historic transformation in J&K", and said it had changed laws in the Union territory to allow investment from outside.
The summit comes in the wake of the recent decision by the government to permit sale and purchase of non-agricultural land.
The changes made in the land use laws allowed re-classifying of agricultural land for non-agricultural purposes.
During the summit, the participants comprising the stalwarts from the real estate sector held threadbare discussions on unveiling of Policies and MoUs, Inaugural of Skilling Initiative, vision Jammu and Kashmir for Real Estate: Sector Overview, Opportunities and Challenges, Catalyst to Growth: Ease of Doing Investment in Jammu and Kashmir, Opportunity for Investors: Affordable Housing, Luxury Housing, Second Home, Rental Housing in J&K and Next Destination J&K: Tourism, Films and Entertainment, Logistics, Commercial, Warehousing.
The summit witnessed the signing of 20 MOUs for development of housing projects, seven others for commercial, four for hospitality, three for infra-tech, three for film and entertainment and two for finance related projects. Some of the major real estate companies that attended the summit included Signature Global, Samyak Group, Raunak Group, Hiranandani Constructions for housing projects. Chalet Hotels Limited signed an MoU for hospitality, Raheja Developers, Goel Ganga, GHP Group and Shree Naman Group signed for housing projects.
39 MoUs worth Rs 18,300 crore signed at the first-ever summit
During the summit the Jammu and Kashmir administration signed 39 MoUs (Memorandum of Understanding) worth Rs 18,300 crore with the country’s real investors for the development of housing and commercial projects in the union territory.
The MoUs were signed in the presence of Union Housing and Urban Affairs Minister Hardeep Singh Puri, J&K Lieutenant Governor Manoj Sinha, Union MoS Jitendra Singh to foster growth and development in Jammu and Kashmir. It included investments in the residential, commercial, infrastructure, and film sectors.
During his address, Union Minister Hardeep Singh Puri said, "Real estate, being the second largest employer in the country will create innumerable opportunities for economic growth in J&K."
"Development of local businesses is imperative in scripting the growth story of J&K. Besides national players in real estate, local developers of J&K will also be at the focus of this new dawn of development of real estate sector in the UT," he added.
Lt Governor, Manoj Sinha termed the event as a historic milestone in J&K’s Real Estate sector.
"The last few years have seen tremendous change in terms of good governance, delivering development and transforming the infrastructure of the UT. Barriers to businesses in J&K have been removed. The UT of Jammu & Kashmir is now an attractive place to do business and invest," he said.
He said a similar event would be held in Srinagar in May 2022. He said the government is committed to break all walls that create hurdles in making the UT at par with other parts of India.
He said all hotels, guesthouses and lodges in Kashmir are booked due to the huge tourist influx in Kashmir at present. “I get three to four calls from people and friends to arrange hotels for them as all hotels are booked in Kashmir. There is a need to have more hotels and guest houses in Kashmir to accommodate more tourists.”
Sinha also said the Union territory will have a Central secretariat very soon.
"The multiplier effect of the first-ever real estate summit in J&K will be felt across the entire UT in coming years," Manoj Sinha said.
Highlighting the key features of the Model Tenancy Act which was adopted by the government, he said the Act was prepared with the objective of balancing the interests and rights of both, the landlord and tenant, and to create an accountable and transparent ecosystem for renting the premises in an efficient manner.
"Owning a house is the dream for everyone and we are making a committed effort to bring it into reality. The launch of many portals including RERA portal, Housing Portal, integrated auction portal will facilitate a transparent and accountable framework in the real estate sector. Such initiatives will help both developers and homebuyers as a one-stop portal for all their needs," he said.
Sinha said the regressive land laws were amended providing relief to many sectors from farming to industries, education, real estate, hospitals and IT. Several progressive policies and procedural reforms have been implemented on the ground.
Titans of India’s Real Estate Sector, including promoters in Residential, Retail and Commercial space, Entertainment Industry, Tourism and Hospitality, Logistics and Warehousing and Financing Institutions came together for the growth of J&K at the first-ever ‘Real Estate Summit-2021’.
He also expressed his gratitude to Prime Minister Narendra Modi and Union Minister for Housing & Urban Affairs, Shri Hardeep Singh Puri, for revolutionising the real estate sector in J&K. “The multiplier effect of the first-ever Real Estate Summit in J&K will be felt across the entire UT in coming years.”
Highlighting the key features of the Model Tenancy Act which was adopted today by the government, he said that the Act has been prepared with the objective of balancing the interests and rights of both, the landlord and tenant, and to create an accountable and transparent ecosystem for renting the premises in an efficient manner.
“Owning a house is the dream for everyone and we are making a committed effort to bring it into reality. The launch of many portals including RERA portal, Housing Portal, integrated auction portal will facilitate a transparent and accountable framework in Real Estate Sector. Such initiatives will help both Developers and Homebuyers as one-stop portal for all their needs.”
He said that they have also launched three Housing Schemes under which about 1000 EWS apartments (under PMAY) and another 150 MIG and HIG apartments are being launched.
“Many more would be launched in the coming months. The regressive land laws were amended providing relief to many sectors from farming to industries, education, real estate, hospitals and IT. Several progressive policies and procedural reforms have been implemented on the ground. The best single-window Clearance System and every possible support of the government will be ensured to facilitate the investors,” he added.
Sinha said that recently, they have made changes in the Land Use Policy so that the companies eager to set up industries do not face the problem of land.
“Despite being endowed with immense natural wealth, business opportunities and excellent human capital, the progress of the industries in J&K were stalled. Since, 5th August 2019, J&K is undergoing a massive transformation, and Industries from all over the country are seeing Jammu and Kashmir as their preferred destination for investments and business ventures.”
Sinha said that efforts of Prime Minister and Home Minister are yielding favorable results with the new Industrial Development Scheme attracting huge investments in J&K. “Within a year, we have received the proposals for investment worth Rs 44,000 crore. By March 2022, we will be able to bring an investment of Rs 60,000 crore to Jammu and Kashmir.”
Sinha said that in Jammu and Kashmir alone, Rs 1 lakh crore is being spent on highways, tunnels, and related infrastructure, due to which the nature of urban infrastructure will be completely transformed within two-three years.
Union MoS, in charge ministry of Science & Technology, Earth Sciences, MoS PMO, Ministry of Personnel, Public Grievances and Pensions, Atomic Energy & Space, Dr Jitendra Singh, in his address, said that J&K is now entering the mainstream journey of PM Modi’s New India and the first-ever ‘Real Estate Summit' is one of the important links to connect it to mainstream India.
Speaking on the occasion, Durga Shanker Mishra, Secretary, Ministry of Housing & Urban Affairs (MoHUA), said that a paradigm shift in terms of development has been witnessed in every sector in J&K. “The real estate sector will create a plethora of opportunities for the people of the UT in terms of employment, investment etc.”
Dr. Arun Kumar Mehta, Chief Secretary, J&K, during his address, said “Good connectivity, clean air, robust infrastructure, and lowest crime rate makes J&K an ideal investment destination”.
Niranjan Hiranandani, Vice Chairman NAREDCO India noted that - Incentivization by the Central and the UT Government will go a long way in accelerating the real estate growth in Jammu & Kashmir.
Signing of MoUs will help in exploring new opportunities in untapped locations which hold huge potential for future real estate development in the UT, said Sh Rajan Bandelkar, President, NAREDCO.
In his welcome address, Dheeraj Gupta, Principal Secretary, HUDD, J&K highlighted the growth potential of real estate in J&K.
On the occasion, the Government of J&K signed an MoU on skilling with the National Real Estate Development Council (NAREDCO) under which NAREDCO will 10,000 thousand workers in various skills of the construction industry–electrical, plumbing, masonry, carpentry, and the likes.
A coffee table book capturing the true essence of the new J&K was also released.