The Jammu and Kashmir government on Monday signed 39 Memorandum of Understandings (MoUs) worth Rs 18,300 crore with the country's real estate investors for the development of housing and commercial projects.
Outsiders - those not classified as ‘permanent residents’ - had earlier been barred from purchasing or owning land but this was changed after the Centre scrapped Article 370 in August 2019, thereby removing special status for J&K.
Terming the signing of the MoUs at J&K Real Estate Summit in Jammu as “historic”', J&K Lieutenant Governor Manoj Sinha said it is a major step towards transformation of the union territory (UT).
An official spokesperson said that titans of India’s Real Estate sector, including promoters in residential, retail and commercial space, entertainment industry, tourism and hospitality, logistics and warehousing and financing institutions came together for the growth of J&K at the first-ever ‘Real Estate Summit-2021’.
In presence of Hardeep Singh Puri, Union Housing & Urban Affairs Minister and J&K LG, 39 MoUs worth Rs 18,300 crore were signed to foster growth and development in the UT, he said and added it includes investments in the residential, commercial, infrastructure, and film sectors.
Puri said that real estate, being the second largest employer in the country, will create innumerable opportunities for economic growth in J&K. “The natural endowments in the UT of J&K and resilience of its people are second to none in the world which now need to be translated into economic development, prosperity and ease of living,” he said.
The Lt Governor announced that the next 'Real Estate Summit' will be organised in Srinagar on 21 and 22 May 2022. “Development of local businesses is imperative in scripting the growth story of J&K. Besides national players in real estate, local developers of J&K will also be at the focus of this new dawn of development of the real estate sector in the UT,” he added.
The real estate companies which have signed MoUs include Signature Global, Samyak Group, Raunak Group, Hiranandani Constructions for housing projects. Chalet Hotels Limited signed a MoU for hospitality. Raheja Developers, Goel Ganga, GHP Group and Shree Naman Group signed initial pacts for housing projects.
However, local protesters and regional political parties have accused the Centre of “putting J&K up for sale.” Just a few kilometres down the road, there were protests against the summit and demands for the restoration of constitutional safeguards and statehood.
"J&K is being put up for sale. They are trying to change our demography, history, identity and culture. We don't accept any such development which changes the character of J&K. They are auctioning J&K," Sunil Dimple, President of Mission Statehood J&K, said.
J&K National Conference spokesperson Imran Dar called the summit “as yet another despicable measure to deprive people of Jammu and Kashmir of their rights.” "Such measures expose the sinister plans which the ruling dispensation is up to in J&K,” he said in a statement.
“It is also a brazen attempt of RSS-BJP to use J&K for scapegoat widespread economic failures, farmer issues, and raging unemployment across the country," he alleged.
J&K Apni Party, which is believed to be a proxy of the BJP, too rejected the summit and called it “undermining the Domicile Law.”
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