The Jammu and Kashmir administration signed 39 MoUs (Memorandum of Understanding) worth Rs 18,300 crore with the National Real Estate Development Council (NAREDCO) for the development of housing and commercial projects in the union territory. It included investments in the residential, commercial, infrastructure, and film sectors. The NAREDCO will also train 10,000 workers in various skills of the construction industry, electrical, plumbing, masonry, carpentry and the likes.
The MoUs were signed in the presence of Union Housing and Urban Affairs Minister Hardeep Singh Puri, J&K Lieutenant Governor Manoj Sinha, Union MoS Jitendra Singh to foster growth and development in Jammu and Kashmir.
Lt Governor, Manoj Sinha termed the event as a historic milestone in J&K’s Real Estate sector. ” The last few years have seen tremendous change in terms of good governance, delivering development and transforming the infrastructure of the UT. Barriers to businesses in J&K have been removed. The UT of Jammu & Kashmir is now an attractive place to do business and invest,” he said.
Srinagar will host a ‘Real Estate Summit’ on May 23 in 2022. As per the government estimates, the projected indigenous housing demand in Jammu and Kashmir is 2.5 lakh dwelling units, out of which 30% is in urban areas.