Major Hospitals, Real Estate Companies Investing In Kashmir, MoU’s This Week
SRINAGAR: Medanta, Apollo and Haldiram are among the few big names who will be here at the 27 Urban Affairs Hardeep Singh Puri, Union Minister of State in the Prime Minister’s Office (PMO) Dr. Jitendra Singh, Vice Governor Manoj Sinha, Secretary General Dr. Arun Kumar Mehta and other top bureaucrats in the Central, Jammu and Kashmir governments reported to the Daily Excelsior.
Citing official sources, the Daily Excelsior reported that the Ministry of Industry and Commerce will sign letters of intent for the Medanta and Apollo groups to build hospitals in Jammu and Kashmir. The division will also sign a letter of intent with Haldiram to set up its units in J&K.
The H & UDD and the real estate companies will sign 15 non-binding MoUs for real estate development in the Union territory.
In the presence of Hardeep Singh Puri, Dr. Jitendra Singh, Manoj Sinha, Dr. Niranjan Hiranandani, Vice Chairman of the National Real Estate Development Corporation (NAREDCO), Dr. Arun Kumar Mehta, Durga Shankar Mishra, Secretary, Ministry of Housing and Urban Development, and Dheeraj Gupta, Chief Secretary of H & UDD, the Rental Law is passed while Affordable Rental Housing Complexes (ARHC) are introduced in Jammu and Kashmir. The portal of the Real Estate Regulatory Authority (RERA) as well as registration and approval under RERA will also be launched on this occasion.
“The Jammu Kashmir Housing Board (JKHB) will sign a letter of intent with the Central Government Employees Welfare Housing Organization (CGEWHO) to build housing for central and union government employees. The launch of the auction portal and the property auctioning of the Housing Board and Jammu Development Authority (JDA) are also going on, ”Daily Excelsior quoted sources as saying.
H & UDD and NAREDCO will sign a letter of intent to qualify under the National Urban Livelihoods Mission (NULM) in the Union Territory. NAREDCO will also sign a MoU for real estate development with NARDECO Jammu and Kashmir, sources said.
They added that NAREDCO will sign an MoU with LEADs for investing in the real estate sector. A letter of intent will also be entered into with the National Association of Realtors (NAR) to train, manage and strengthen the estate agent network in Jammu and Kashmir.
As part of the all-day event, guidelines / MoUs will be presented, a qualification initiative will be launched and a book will be published.
Several meetings of top bureaucrats of the governments of Central, Jammu and Kashmir are held on this occasion. The topic includes ‘Vision Jammu and Kashmir for Real Estate: Sector Overview, Opportunities and Challenges’. ‘Growth Catalyst: Easy Investing in Jammu and Kashmir’, ‘Investor Opportunity: Affordable Housing, Luxury Homes, Second Homes, Rental Apartments in J&K’ and ‘Next Destination J&K: Tourism, Film & Entertainment, Logistics, Commercial, Storage’.
The Daily Excelsior newspaper cited sources reporting that the governments of Central and Jammu and Kashmir are expecting thousands of crores to be invested in the real estate sector even after the lifting of the special status of Jammu and Kashmir on August 5, 2019 and the partitioning of the former State in two union territories of J&K and Ladakh.
“The Jammu and Kashmir Real Estate Investors Summit 2021”, as the function was called, is the first of its kind in the Union territory after the decisions of August 5, 2019.
In 2019, the government of Jammu and Kashmir had planned an investor summit in Jammu and Kashmir, but the proposal was put on hold due to the coronavirus outbreak. The J&K later received an unprecedented response to its Industrial Development Scheme and the need to hold the summit went unnoticed.
According to the latest figures, Jammu and Kashmir have already received investment proposals worth Rs 31,000 billion and approved more than 50 percent of them. The government expects the proposals to soon exceed 50,000 billion rupees.
Recently, Lt. Governor Manoj Sinha said that village, block and tehsil-level industrial development will be expanded for rural development, the report said.