Mumbai: The Naredco National organised the first real estate summit in Jammu and Kashmir (J&K) that drew a lot of developers interest in the potential development over here in the coming years. Following the abrogation of Article 370 in 2019 the real estate sector sees a lot of confidence to bring development and make J&K another real estate destination expressed people associated with this industry in the summit. "Real estate development was stalled for a period of time. Now again the industry has regained confidence with the kind of decisions the Union government led by PM Narendra Modi has taken in the recent past. Certain amendments and provisions are required which will be done to benefit J&K," said Jammu and Kashmir Lieutenant Governor Manoj Sinha.
While President NAREDCO India Rajan Bandelkar emphasized that the Central Government should come out with the policy measure so that the issue of input TAX Credit related to real estate is sorted out in the sense that those developers who wish to go through this route may go or else who choose to deviate from it.
Naredco India Vice Chairman, Dr Niranjan Hiranandani expressed, "J&K administrator should make township projects as its top priority for real estate development and seek participation from the industry so that needful is done and the Union Territory moves on the path of growth in an equitable manner." Hiranandani Group leading developer of Mumbai which has constructed landmark projects in Mumbai and Dubai aims to come up with vertical development in J&K.
In this summit, a total of 39 Memorandum of Understanding (MoUs) were signed having a potential investment opportunity of Rs 18,300 crore. Interestingly, 18 leading and renowned real estate companies from Mumbai city alone were part of these MoUs besides Andhra Pradesh, Karnataka, Bangalore, Delhi among others parts of the country.
J&K Lt. Governor Manoj Sinha further announced that given the success of the real estate summit 2021 at Jammu, the government is encouraged to host a similar conference in May next year. He also assured that developers will be offered stamp duty cuts and other incentives. In fact, considering the future real estate developments to take place a dedicated RERA portal was also launched. Besides, the governor also clarified, "outsiders coming here with real estate development opportunities will not take away the employment or land from the local people. In fact, a lot of opportunities will be unlocked." He replied the following concerns being raised on developers coming to J&K, by other political parties.
The Union Minister of Housing and Urban Affairs Hardeep Singh Puri said that DAVOS type platform within the Union Territory should be developed, so that conferences of very high scale are organised in this beautiful landscape. Investors from worldwide could assemble and deliberate and debate issues and policy framework for betterment of the entire world.
Currently, multiple projects relating to infrastructure of around Rs. 1 lakh crores of investments are at various stages of implementation in the entire Jammu and Kashmir region. In addition, soon metro projects in both major cities ‘Jammu & in Srinagar’ will be initiated.
10,000 Construction workers will be given on-site training in J&K in 2 years
The National Real Estate Development Council (NAREDCO), State Urban Livelihoods Mission (NULM) under Ministry of Housing and Urban Affairs, Government of India, and Government of Jammu & Kashmir, has signed a tripartite agreement on Monday to train and certify 10,000 construction workers in a span of two years. The agreement aims to equip construction workers with necessary and industry relevant skills to ensure quality constructions, enhanced employability, higher wages, and better living. NAREDCO will be responsible for the overall implementation, achievement of the targets and outcomes. It will also secure better placement for the training batches at the NAREDCO partners sites. Through this collaboration not only 10,000 urban poor will be trained in J&K, but efforts will also be taken to encourage training of the women beneficiaries under this said initiative.
