Jammu: In a first-ever Real Estate Summit held at Jammu, the J&K Administration in association with the central Govt has opened Jammu and Kashmir’s land for the country’s investors and signed 39 MoUs with Indian companies.
In the summit, people from across the country were encouraged to buy land, or a second home, in Jammu and Kashmir, NDTV reported.
“We have signed 39 MoUs today. We have received investments proposals of Rs 18,300 crore,” J&K LG Manoj Sinha said in the press conference.
He also announced that a similar real estate summit will be held in Srinagar on 21-22 May in 2022.
Mr. Sinha said the government has identified 6,000 acres of land for the development of projects and that it has also made rules for change of land usage of agriculture land.
"The government has already implemented the realty law RERA and adopted Model Tenancy Act in the UT."
The real estate companies which have signed the Memorandum of Understanding include Signature Global, Samyak Group, Raunak Group, Hiranandani Constructions for housing projects, and Chalet Hotels Limited signed MoU for hospitality. Raheja Developers, Goel Ganga, GHP Group, and Shree Naman Group signed initial pacts for housing projects.
Before the abrogation of Article 370 on August 5, 2019; Indians were barred from purchasing or owning land in the erstwhile state of J&K due to the semi-autonomous Status.
