A total of 39 MoUs were inked between the NAREDCO developers and the government of Jammu & Kashmir, involving an investment of Rs 18,900 crore for residential, commercial, hospitality, infrastructure, and three film and entertainment projects
Jammu and Kashmir has become the first Union Territory to adopt the Model Tenancy Act.
It has also approved the Affordable Rental Housing Complexes (ARHC) scheme, paving the way for the development of budget rental housing in the region.
The Union Cabinet, chaired by Prime Minister Narendra Modi, had approved the Act in the first week of June, for all states and Union Territories to adapt it, either by enacting fresh legislation or amending existing rental laws
The Act will enable the institutionalisation of rental housing by gradually shifting it towards a formal market
The government had issued guidelines for the activation of the ARHC scheme in July 2020, with the aim of providing budget rental housing to over 350,000 people.
In addition, a RERA portal was also launched during the Jammu and Kashmir Real Estate Summit 2021 by the Ministry of Housing and Urban Affairs, government of J&K and the National Real Estate Development Council (Naredco).
In August 2020, Jammu and Kashmir notified the implementation of the Real Estate (Regulation and Development) Act.
Various leading real estate developers have also signed MoUs with the UT for housing projects, committing an investment of Rs 18,000 crore
Lieutenant Governor Manoj Sinha said the UT was likely to receive close to Rs 60,000 crore of investment in the real estate sector in the near future since the government has top priority to transform this sector, which would have multiplier effects on its economy.
"Investment proposals worth Rs 44,000 crore with their detailed project reports have already been submitted to the concerned departments of the government. The government is building a central secretariat and dwelling units for state employees, including those that work for the police force. It is also moving very fast to create infrastructure such as hotels, parks, IT hubs, and more,” Sinha said.
Jammu and Kashmir can become second-home destinations by promoting tourism, he added.
Sinha said that multiple projects relating to infrastructure worth around Rs 1 lakh crore of investments are at various stages of implementation in the entire Jammu and Kashmir region.
A total of 39 MoUs were inked between the Naredco developers and the government of Jammu and Kashmir, in sectors such as 19 residential, eight commercial, four hospitality, three infrastructure, two finance, and three film and entertainment.
Union Minister of Housing and Urban Affairs Hardeep Singh Puri urged Sinha to create a Davos-type platform within the UT.
Union Minister of State for PMO, Jitendra Singh, said that ever since the Modi government had come to power in 2014, the pace of development has accelerated in Jammu and Kashmir, which was neglected by earlier regimes.
Real estate developers urged the UT to reduce stamp duty to boost the real estate sector and consider reducing GST for one year
“The Central Government should come up with a 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 do so or else choose to deviate from it,” said Rajan Narayan Bandelkar, president of Naredco India.
Niranjan Hiranandani, vice chairman, Naredco India, said that the Jammu and Kashmir administration should make township creation its top priority for real estate development and seek ..
Niranjan Hiranandani, vice chairman, Naredco India, said that the Jammu and Kashmir administration should make township creation its top priority for real estate development and seek participation from industry for the UT to move on the path of growth in an equitable manner
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