Investment proposals reach Rs 44,000 cr, Govt targets Rs 60,000 cr
Metro projects in final stage of PIB approval: Hardeep Puri
Mindset for business has to change, locals be taken on board: Dr Jitendra
Sanjeev Pargal
JAMMU, Dec 27: First Jammu and Kashmir Real Estate Summit here today saw Memorandums of Understanding (MoUs) worth Rs 18,300 crore being signed between top real estate investors of the country and the Union Territory Government with Union Minister for Housing and Urban Affairs Hardeep Singh Puri and Union Minister of State in the Prime Minister’s Office (PMO) Dr Jitendra Singh dispelling the narrative being created by “vested interests” that it will lead to unemployment saying it would rather generate more job opportunities.
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Sensing huge success of the summit, the Jammu and Kashmir Government announced that another such conclave will be held in Srinagar on May 21 and 22 as it disclosed that it has received a total of Rs 44,000 crore worth investment proposals under the Industry Development Scheme and the figure was expected to touch Rs 60,000 crore shortly.
A total of 39 MoUs were exchanged worth Rs 18,300 crore in the sectors including residential (19), commercial (eight), hospitality (four), infrastructure and film and entertainment (three each ) and finance (two)
The real estate companies that signed MoUs include Signature Global, Samyak Group, Raunak Group, Hiranandani Constructions and NBCC for housing projects. Chalet Hotels signed MoU for hospitality.
Raheja Developers, Goel Ganga, GHP Group and Shree Naman Group signed initial pacts for housing projects.
Addressing the summit, Union Minister for Housing and Urban Affairs Hardeep Singh Puri said the proposals for Metro rail projects in Jammu and Srinagar cities are in final stage of approval from the Public Investment Board (PIB).
He urged the UT Government to organise an annual summit like World Economic Forum at Davos, in J&K and assured full support from the Centre.
The Union Minister highlighted that Metro projects will soon be a reality in J&K.
“Metro projects are in final stage of PIB approval,” Puri said.
He further said the Centre would consider the demand to extend the metro projects to the proposed AIIMS hospital at Vijaypur outside Jammu (falling in Samba district).
“The local Member Parliament (Jugal Kishore Sharma) brought the issue to my notice that the Metro project (which is proposed up to Bari Brahamna) should be extended to Vijaypur where AIIMS is coming up.
“The proposal mooted by the MP will be taken into account,’’ Puri said.
He also sought to allay apprehensions that investments in J&K will lead to unemployment. The Minister was surprised over this “nonsensical argument” and wondered how someone can get away with such false logic.
He complimented the J&K Government for implementing the Real Estate Regulatory Authority (RERA) law and also Model Tenancy Act, circulated by the Centre to all States and UTs.
He praised the UT Government for implementation of Prime Minister’s Awas Yojana (PMAY) under which nearly 13,000 houses have been completed out of around 80,000 units.
Puri noted that real estate is second largest employment generator in the country and it has a multiplier effect in the overall economy.
He said the States which have done well in real estate are on top of the economic index.
Puri said there is a huge demand of real estate in the UT, there is a demand of up to 3 lakh units in housing and hotel segments. The UT has the land and also demand for real estate development, he pointed out.
For ease of doing business, he stressed on the need for a single-window clearance for giving approval to real estate projects.
Puri said there will be impediments like updating land records and it will take some time to realise the potential.
In his address to investors at the summit, Union Minister Dr Jitendra Singh said: “We shouldn’t be prisoners of mind. The mindset for business has to change. There is no example in any part of the country where investments have snatched job opportunities. The investment will generate jobs and the locals will benefit to large extent. The culture of last 60-70 years made us slaves of mind and now is the time to get rid of it’’.
However, the Union Minister stressed the need for taking local traders like Chamber of Commerce and Industry and other trade bodies on board.
“All such organizations should be taken into confidence,’’ he stressed.
At the same time, Dr Jitendra Singh asserted that the local traders shouldn’t be complacent.
“When the train was scheduled to reach Katra in 2014, there were apprehensions among the traders that it will cut down the business of Jammu City. But, later it was found that the business opportunities rather increased,’’ he averred.
He said investors have come here not to earn profits but to inculcate culture of business.
“They are not here to make money though, of course, they are businessmen but they will develop culture of business. We have to be ready for investment,’’ he added.
Allaying apprehensions that outside investments in Jammu and Kashmir will increase unemployment, Dr Jitendra Singh said in fact it will provide employment and ensure development.
Batting strongly for taking a cue from northern-eastern model of development, Dr Jitendra Singh said if the North East can be built as development role model of India, J&K can also move forward on this pattern of development journey.
“J&K is now entering the mainstream journey of PM Modi’s New India & the first ever ‘Real Estate Summit’ today is one of its important links to connect it to the mainstream India,’’ Dr Jitendra Singh said.
He added that the investment proposals in J&K will reach Rs one lakh crore in the coming years. As envisaged by the Prime Minister, Dr. Singh said that J&K should be at par in terms of economic development with the other States and UTs of the country in various sectors.
Dr. Singh also said that all the Central Laws- be that the Prevention of Corruption Act, RTI Act, CVC Act etc. are now applicable to the UT of J&K like other States and UTs in the country. He added that all the erstwhile laws in J&K which were the impediments in the progress and development of J&K have either been repealed or amended.
“Important development projects that were earlier stalled were taken care of after 2019 like the Shahpur Kandi Dam Project,’’ Dr Jitendra Singh said, adding that a new dawn of development has emerged in J&K after 2019 like the establishment of two AIIMS, eight Medical Colleges, IIT, IIM, IIMC, North India’s First Biotechnology Park, National Highway Projects etc.
Dr. Singh said that if J&K wants to be part of global India as India being a part of global world, it has to follow all the parameters followed by the rest of the country to seek all the benefits which are made available by the Government.
He reiterated that soon after Narendra Modi took oath as the Prime Minister of the country on May 26, 2014, one of his earliest declarations of intent was that his Government would resolve to bring those regions of the country on the path of development which have missed the development journey of the rest of India so as to make them at par with the developed regions of the country.
Union Housing and Urban Affairs Secretary Durga Shanker Mishra also said metro projects will soon commence in J&K.
He said the UT Government has agreed to create a separate cell to facilitate investments in J&K.
The development of real estate projects will usher change in J&K and open up lots of economic opportunities
Addressing the summit, Chief Secretary Dr Arun Kumar Mehta said good connectivity, clean air, robust infrastructure and lowest crime rate make Jammu and Kashmir an ideal investment destination.
“Gross Domestic Product (GDP) of Jammu and Kashmir will double in five years,’’ Dr Mehta said.
Dheeraj Gupta, Principal Secretary, Housing & Urban Development Department J&K read the welcome address.
Speaking on the occasion, president NAREDCO India Rajan Narayan Bandelkar said his Association would do its best to make proposed May 2022 Real Estate Summit in Srinagar as the very best in all parameters and ensure larger participation for it. He emphasized that the Central Government should come out with the policy measure so that the issue of Input Tax credit related to real estate is sorted out in the sense that those developer who wish to go through this route may go or else choose to deviate from it.
Vice Chairman, NAREDCO India, Dr. Niranjan Hiranandani, in his address, sought that the Jammu and Kashmir administration should focus on mixed used township development as its top priority, and seeks participation from industry stakeholders. “This will enable Union Territory to move up on the path of growth in an equitable manner with a win-win situation for each participant,” he said.
Among others who were present on the occasion and demanded industry participation to building real estate in Jammu and Kashmir included Principal Secretary, Housing and Urban Development Department Dheeraj Gupta, Mayor Jammu Municipal Corporation Chander Mohan Gupta and Mayor Srinagar Municipal Corporation Junaid Mattoo.
Meanwhile, National Real Estate Development Council (NAREDCO), State Urban Livelihoods Mission (NULM) under Ministry of Housing and Urban Affairs, Government of India, and Government of Jammu & Kashmir, also signed a tripartite agreement today to train and certify 10,000 construction workers in a span of two years.
The tripartite agreement aims to equip construction workers with necessary and industry relevant skills to ensure quality constructions, enhanced employability, higher wages, and better living. The government certified skilling programs will be truly a win – win scenario as it will have a multiplier effect in terms of upskilling and reskilling the existing laborers, garnering better employment opportunities and placement with formal training.
NAREDCO will be responsible for the overall implementation, achievement of the targets and outcomes. Under the on-site skill training programs NAREDCO will secure better placement for the training batches at the NAREDCO partners sites. Also, under the development program NAREDCO will ensure an increment in the wages of the beneficiaries getting trained under this period.
It is also worth mentioning that through this collaboration not only 10,000 urban poor will be trained in Jammu & Kashmir, but efforts will also be taken by NAREDCO to encourage training of the women beneficiaries under this initiative. They will strive to achieve larger trained beneficiaries as women, wherever available.
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