Jammu & Kashmir government has decided to transfer 289-acres of land for housing to boost the economy of the region. This decision came after Dubai-based realtors signed a deal with Jammu Kashmir Government led by Lieutenant Governor Manoj Sinha last month. The Lieutenant Governor agreed on transferring 289.75 acres in seven villages at 17 locations in Srinagar and Budgam districts.
The proposed land has been transferred to the Housing and Urban Development Department to construct the houses free of cost. Srinagar Development Authority (SDA) in collaboration with J&K Housing Board has been assigned to finalise the design and other modifications of the projects with a special focus on building affordable housing.
The J&K Government is expecting an investment of Rs.18,300 crore in the real estate sector to boost the economy and bring infrastructure to the light. Although, industrial giants such as EMAAR, Lulu, Matu Investments, GL Employment Brokerage LLC, Al Maya Group, Century Financial, Noon E-Commerce and many more have made an investment of around Rs.3000 crore dealt in Dubai Expo 2022. Magna Waves Pvt. Ltd along with EMAAR Group and Lulu International has agreed on the letter of intent to build a mall and an inland port in the Kashmir region.
The Lieutenant Governor, Manoj Sinha said that relationship between India and UAE has matured enough over the years to become enduring ‘Global Partners’ in the 21st Century. These are those times in the journey of Jammu Kashmir where opportunities are in plenty.
With this initiative, the J&K government is looking forward to working with enhanced cooperation with other sectors. Looking forward, the J&K government is serving the common interest of people by creating more job opportunities and setting up more medium and small enterprises in the valley and will start collaborating with various educational institutions, space technology, and the health and horticulture sector. J&K will witness the journey of growth and development throughout creating more space and job opportunities for youths in the valley.
