J&K's first-ever real estate summit

• With the aim of creating innumerable opportunities in Jammu & Kashmir in terms of employment, investment & economic growth, the first-ever J&K Real Estate Summit witnessed 39 MoUs (Memorandum of Understanding) worth Rs 18,300 crore getting inked with the India’s real estate investors for the development of housing and commercial projects in the union territory.

• The MoUs included investments in the commercial, residential, infrastructure, and film sectors.

Multiplier effect of the first-ever real estate summit

• Besides the demand for real estate construction in J&K, sectors like tourism, hospitality, warehousing will also get a major stimulus by the J&K estate summit.
• Further, the Real Estate Regulatory Authority Act (RERA) and the Tenancy Act have been implemented in J&K, which will help in the smooth operations of running business.
• Additionally, the Metro Railway Project in J&K is in the final stages of approval.
• Implementation of the flagship schemes like AMRUT, Swachh Bharat Mission, Smart City Mission, PMAY among others have been instrumental in the progress of J&K.

Dubai’s government to development infra projects in J&K

• In October this year, the Jammu and Kashmir administration inked a Memorandum of Understanding (MoU) with the Government of Dubai for development of real estate, multipurpose towers, industrial parks, IT towers, logistics, medical college and super specialty hospitals.
• Union Commerce and Industry Minister Piyush Goyal considered the landmark collaboration as a milestone achievement as it will bring investments from other countries across the globe. He also added that different entities from Dubai had also shown keen interest in making investments.
• Additionally, an industrial package of ₹28,400 crore was also announced for J&K as a testimony towards ensured development in the Union Territory.