Medanta, Apollo and Haldiram are among the few big names which will sign non-binding Memorandums of Understanding (MoUs) running into thousands of crores with the Housing and Urban Development Department (H&UDD) here on December 27 in the presence of Union Minister of Housing and Urban Affairs Hardeep Singh Puri, Union Minister of State in the Prime Minister’s Office (PMO) Dr Jitendra Singh, Lieutenant Governor Manoj Sinha, Chief Secretary Dr Arun Kumar Mehta and other top bureaucrats of Central and Jammu and Kashmir Governments.
Official sources told the Excelsior that the Industries & Commerce Department would sign MoUs to establish hospitals in Jammu and Kashmir by Medanta and Apollo Groups. The Department will also sign MoU with Haldiram to establish its Units in J&K.
The H&UDD and 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 National Real Estate Development Corporation (NAREDCO), Dr Arun Kumar Mehta, Durga Shankar Mishra, Secretary, Ministry of Housing and Urban Development and Dheeraj Gupta, Principal Secretary H&UDD, the Tenancy Act will be adopted. At the same time, Affordable Rental Housing Complexes (ARHC) will launch Jammu and Kashmir. In addition, the real Estate Regulatory Authority (RERA) portal and registration & approval under RERA will also be launched on occasion.
“Jammu Kashmir Housing Board (JKHB) will sign MoU with the Central Government Employees Welfare Housing Organization (CGEWHO), Ministry of Housing and Urban Development for construction of residential accommodation for Central and Union Government employees. In addition, the launch of Auction Portal and Auction of assets of Housing Board and Jammu Development Authority (JDA) under it will also be done,” sources said.
The H&UDD and NAREDCO will sign MoU for skilling under National Urban Livelihoods Mission (NULM) in the Union Territory. SOURCES SAID THAT the NAREDCO would also sign MoU for Real Estate Development with NARDECO Jammu and Kashmir.
They added that NAREDCO would sign MoU with LEADs for investment in the Real Estate sector. It will also enter into MoU with the National Association of Realtors (NAR) to train, handhold, and strengthen the Real Estate Agent network in Jammu and Kashmir.
The day-long function will also see the unveiling of policies/MoUs, inaugural of skilling initiative and launch of the book.
On occasion, top bureaucrats will address several sessions from Central and Jammu and Kashmir governments. The topic includes ‘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 & Entertainment, Logistics, Commercial, Warehousing’.
Sources said the Central and Jammu and Kashmir Governments are expecting investments running into thousands of crores in the Real Estate sector, also following the abrogation of the special status of Jammu and Kashmir on August 5, 2019, and bifurcation of the erstwhile State into two Union Territories of J&K and Ladakh.
“The Jammu and Kashmir Real Estate Investors Summit 2021” is the first of its kind in the Union Territory post-August 5, 2019 decisions.
In 2019, the Jammu and Kashmir Government had planned the Investors Summit in Jammu and Kashmir, but the proposal was shelved due to the outbreak of Coronavirus. Later, the J&K received an unprecedented response to its Industrial Development Scheme and the need wasn’t felt to have the Summit.
As per the latest figures, Jammu and Kashmir has already received Rs 31,000 crore worth of investment proposals and approved more than 50 per cent of them. The Government is expecting the bids to cross Rs 50,000 crore shortly.
Recently, Lieutenant Governor Manoj Sinha stated that industrial development would be taken to village, block and tehsil levels to develop the rural areas.
