J&K Signs 39 MoUs with Country’s Real Estate Giants

In a big boost to the new industrial development policy in Jammu and Kashmir, the Union Territory administration is signing as many as 39 Memorandums of Understanding (MOUs) with the country’s real estate giants and a major fast food chain haldiram. Efforts are also underway to finalise the terms and conditions and sign MOUs with the countrys top notch hospitals in the near future. The MOUs are signed in the presence of Lieutenant Governor Manoj Sinha, the Union Minister of Housing & Urban Development Hardeep Singh Puri and the Minister of State in Prime Minister's Office Dr Jitendra Singh in Jammu. The companies have been selected from a long list of the applicants who want to set up industrial and developmental enterprises in J&K under the UT's new Industrial Development Policy which was released early this year. Even as most of the MOUs would be in the Housing and real estate sector and these would be signed on behalf of the UT Government by Principal Secretary Housing & Urban Development, Dheeraj Gupta, one MOU would be signed with the fast food giant Haldiram's. Haldiram is aspiring to set up the manufacturing and sale units at Jammu, Katra, Sudh Mahadeva, Mansar, Surinsar, Patni Top and other tourism and pilgrimage hubs. Among others, Dr Niranjan Hiranandani, vice chairman National Real Estate Development Corporation (NAREDCO), Durga Shankar Mishra, Secretary, Union Ministry of Housing and Urban Development would be present on occasion of the signing of the MOUs. Affordable Rental Housing Complexes (ARHC) would be the main feature of the new initiative. Real Estate Regulatory Authority (RERA) portal and registration & approval under RERA will also be launched on the occasion. The Jammu Kashmir Housing Board (JKHB) will sign MoU with the Central Government Employees Welfare Housing Organisation (CGEWHO), Ministry of Housing and Urban Development for construction of residential accommodation for the Central Government employees. Sources said that the launch of the auction portal and an auction of some assets of the JKHB and the Jammu Development Authority (JDA) would also take place on the same occasion. The H&UDD and NAREDCO will sign MoU for skilling under National Urban Livelihoods Mission (NULM) in the Union Territory. The NAREDCO will also sign MoU for real estate development with NAREDCO Jammu and Kashmir. NAREDCO is scheduled to sign MoU with LEADs for investment in the real estate sector. It will also sign one MoU with National Association of Realtors (NAR) for training, handholding and strengthening the real estate agent network in Jammu and Kashmir. The Central and Jammu and Kashmir Governments are expecting investments running into thousands of crores in real estate sector. Around 3,500 applications had been received from different entrepreneurs for setting up units in J&K under the new Industrial Development Policy. These units involve an investment of Rs 31,000 crore. The J & K Government would provide land on long lease and a host of other incentives, including substantial subsidies and full reimbursement of GST to the entrepreneurs for the first 10 years. LG Manoj Sinha is expecting proposals worth Rs 50,000 crore investment under this scheme.