39 MoUs inked, Jammu and Kashmir opens to real estate investment

Jammu, December 27

The Jammu and Kashmir government on Monday opened the Union Territory to the country’s real estate investors by signing 39 MoUs worth nearly Rs 19,000 crore for the development of housing, hotel and commercial projects.

Terming the signing of the MoUs at J&K’s first Real Estate Summit as “historic”, Lieutenant Governor Manoj Sinha said it is a major step towards UT’s transformation.

Addressing a press conference, he said the government had already implemented the realty law RERA and adopted Model Tenancy Act in the UT.

He assured realtors that the government would reduce stamp duty on registration of properties in line with other states and set up a single-window system for faster approval of projects.

Industry body NAREDCO said many developers, including Hiranandani group, Signature Global, NBCC and Raheja Developers had signed the MoUs.

Sinha said these pacts would help generate employment opportunities and also boost the economy of the UT. The L-G also said the investors have been asked to partner with local builders of the UT so that local people also get share of the development process. — PTI 

Ex-CMs fume

While offering to secure the land, jobs, domicile laws & identity of the people of Ladakh, J&K is being put up for sale. People of Jammu should beware. Omar Abdullah

GOIs brazen loot & sale of our resources shows that the sole motive is to annihilate our identity & change the demography. Mehbooba Mufti