J&K to receive about Rs 60,000 cr investment in the realty sector

29 Dec 2021 CW Team

Jammu and Kashmir Lieutenant Governor Manoj Sinha told the media that J&K would obtain approximately Rs 60,000 crore of investment in the real estate sector very soon. These investments would have multiplier impacts on the Union Territory’s economy.

Addressing Jammu and Kashmir Real Estate Summit 2021, jointly organised by the Ministry of Housing and Urban Affairs, the J&K and NAREDCO, Sinha said that the investment offers of Rs 44,000 crore with detailed project reports have been presented to the departments involved.

Measures like decreasing aviation fuel rate to 1% and rationalising stamp duty rates (on the lines of other States) are being considered. Infrastructure projects of approximately Rs 100,000 crore are at various stages of execution in the region.

Metro projects in both cities are being viewed. Other ministers present there involved the Minister of State at PMO Jitendra Singh and the Minister of Housing and Urban Affairs, and Minister of Petroleum and Natural Gas, Hardeep Singh Puri.

On Monday, the Jammu and Kashmir government opened the union territory to the nation's real estate investors by inking 39 MoUs worth about Rs 19,000 crore for the advancement of housing, hotel and commercial projects.

Jammu and Kashmir Lieutenant Governor Manoj Sinha told the media that J&K would obtain around Rs 60 thousand crore of investment in the real estate sector very soon. These investments would have multiplier impacts on the Union Territory’s economy.

Sinha said that the investment offers of Rs 44 thousand crore with detailed project reports have been presented to the departments involved.

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