Boost to J&K real estate sector: Lt Gov, Manoj Sinha

39 MoUs involving an investment potential of INR 18,900 crore were inked between NAREDCO developers and J&K Government

File photo
File photo

Jammu and Kashmir is likely to receive close to INR 60,000 crore of investment in the real estate sector, in the very near future, its Lieutenant Governor, Manoj Sinha, said on Monday. These investments would have multiplier effects on the Union Territory’s economy.

Addressing Jammu and Kashmir Real Estate Summit 2021, jointly organised by Union Ministry of Housing and Urban Affairs, the J&K and NAREDCO, Sinha said, investment proposals of INR 44,000 crore with detailed project reports have been submitted to the departments concerned

Steps like reducing aviation fuel rate to 1 per cent and rationalising stamp duty rates (on the lines of other States) are being mulled. Infrastructure projects of around INR 100,000 crore are at various stages of implementation the region. Metro projects in both major cities are being considered at. Other ministers present there included the Union Minister of State at PMO Jitendra Singh and Union Minister of Housing and Urban Affairs and Minister of Petroleum and Natural Gas, Hardeep Singh Puri