J&K Admin Signs 39 MoUs Worth 18,300 Crores as Real Estate Policy Kicks In.

The Jammu Kashmir administration on Monday opened up doors of Jammu Kashmir to the country’s real estate investors by signing 39 MoUs worth Rs 18,300 crore for the development of housing and commercial projects.

Lieutenant Governor Manoj Sinha speaking on the occasion said that it is a major step towards the transformation of the region.

Addressing a press conference at the summit, he said the administration has already implemented the realty law RERA and adopted Model Tenancy Act in Jammu Kashmir. “We will consider reducing stamp duty on registration of properties and set up a single-window system for faster approval of projects.,” he told the press.

“We have signed 39 MoUs today. We have received investments proposals of Rs. 18,300 crore,” he told reporters here.

He said that the MoUs will help generate direct and indirect employment opportunities in Jammu Kashmir. He also announced that a similar real estate summit will be held in Srinagar on May 21-22 next year. “There will be no demographic changes as claimed by a few,” he added.

There have been “revolutionary” changes in Jammu Kashmir during the last two years, he said.

Sinha said the government has identified 6,000 acres of land for the development of projects and that it has also made rules for change of land usage of agriculture land.

As many as 20 MOUs were signed at the summit for the development of housing projects, while 7 were inked for commercial, 4 hospitality, 3 Infratech, 3 film and entertainment and 2 finance projects.

The real estate companies that signed the Memorandum of Understanding on Monday include include Signature Global, Samyak Group, Raunak Group, Hiranandani Constructions for housing projects.