SRINAGAR: Medanta, Apollo and Haldiram are among the few big names who will sign non-binding memoranda of understanding (MoU) worth thousands of crore with the Department of Housing and Urban Development (H & UDD) here on December 27 in the presence of the Minister Housing and Union. Urban Affairs Hardeep Singh Puri, Union Minister of State in the Prime Minister’s Office (PMO) Dr Jitendra Singh, Lieutenant Governor Manoj Sinha, Chief Secretary Dr Arun Kumar Mehta and other senior officials from central and central governments Jammu and Kashmir, reported Excelsior of the day.
Citing official sources from the newspaper Excelsior of the day reported that the Department of Industries and Trade will sign memoranda of understanding for the establishment of hospitals in Jammu and Kashmir by the Medanta and Apollo groups. The department will also sign a memorandum of understanding with Haldiram for the establishment of its units at J&K.
The H & UDD and the real estate companies will sign 15 non-binding memoranda of understanding for real estate development in the territory of the Union.
In the presence of Hardeep Singh Puri, Dr Jitendra Singh, Manoj Sinha, Dr Niranjan Hiranandani, Vice-President National Real Estate Development Corporation (NAREDCO), Dr Arun Kumar Mehta, Durga Shankar Mishra, Secretary, Ministry of Housing and Urban Development and Dheeraj Gupta, Principal Secretary H & UDD, the Rental Law will be passed while Affordable Rental Housing Complexes (ARHC) will be launched in Jammu and Kashmir. The Real Estate Regulatory Authority (RERA) portal and RERA registration and approval will also be launched on this occasion.
âThe Jammu Kashmir Housing Council (JKHB) will sign a Memorandum of Understanding with the Social Housing Organization of Central Government Employees (CGEWHO), the Ministry of Housing and Urban Development for the construction of residential housing for central government and Union employees. The launch of the auction portal and the auction of the assets of Housing Council and Jammu Development Authority (JDA) under it will also be carried out â, Excelsior of the day sources cited as having said.
The H & UDD and the NAREDCO will sign a Memorandum of Understanding for the competences within the framework of the National Mission of Urban Livelihoods (NULM) in the territory of the Union. NAREDCO will also sign a memorandum of understanding for real estate development with NARDECO Jammu and Kashmir, sources said.
They added that NAREDCO will sign a memorandum of understanding with LEADs for investment in the real estate sector. It will also enter into a Memorandum of Understanding with the National Association of Real Estate Agents (NAR) for the training, management and strengthening of the real estate agent network in Jammu and Kashmir.
The one-day function will also see the unveiling of policies / memoranda of understanding, the launch of the training initiative and the launch of the book.
Several sessions will be addressed by senior officials from central governments and Jammu and Kashmir on this occasion. The topic includes âVision Jammu and Kashmir for Real Estate: Industry Overview, Opportunities and Challengesâ. âGrowth Catalyst: Investment Facility in Jammu and Kashmirâ, âOpportunity for Investors: Affordable Housing, Luxury Housing, Second Home, Rental Housing in J&Kâ and âJ&K Next Destination: Tourism, Movies and Entertainment, logistics, commercial, warehousing ‘.
Quoting the Source Diary Excelsior of the day reported that the central and Jammu and Kashmir governments expect investments of several thousand crore in the real estate sector also following the repeal of the special status of Jammu and Kashmir on August 5, 2019 and the split of the old state into two Union Territories of J&K and Ladakh.
The ‘Jammu and Kashmir Real Estate Investors Summit 2021’, as the function was named, is the first of its kind in the Union territory after the decisions of August 5, 2019.
In 2019, the government of Jammu and Kashmir had scheduled an investor summit in Jammu and Kashmir, but the proposal was put on hold due to the coronavirus outbreak. Later, the J&K received an unprecedented response to its industrial development program and the need was not felt to have the top.
According to the latest figures, Jammu and Kashmir has already received investment proposals worth Rs 31,000 crore and has approved more than 50%. The government expects the proposals to exceed Rs 50,000 crore shortly.
Recently, Lt. Gov. Manoj Sinha said that industrial development will be taken to village, block and tehsil levels for the development of rural areas, according to the report.