SRINAGAR: Real
estate sector is one of the most globally recognized sectors of development.
The growth of this sector is well complemented by the growth in the corporate
environment and the demand for office space as well as urban and semi urban
accommodations.
The construction
industry ranks third among the 14 major sectors in terms of direct, indirect
and induced effects in all sectors of the economy. The Real Estate sector has
four sub sectors like housing, retail, hospitality and commercial.
In India, the real
estate sector is the second highest employment generator, after the agriculture
sector. It is also expected that this sector will incur more Non-resident
Indian (NRI) investment, both in short term and long term. Real estate sector
in India is expected to reach US $1 trillion in market size by 2030, up from US
$200 billion in 2021 and contribute 13% of the country’s GDP by 2025.
In an historic
development, the government of Jammu and Kashmir government recently organised
J&K Real Estate Summit (J&KRES), 2021 for the development of real
estate sector as well as establishment of housing and commercial projects here.
The summit was organized by the Union Ministry for housing and urban affairs in
collaboration with the J&K government.
During the summit,
MoUs were exchanged between NARDECO National and NARDECO J&K chapter,
NARDECO LEAD, NARDECO & NARDECO & J&K Housing and Urban Development
Department, JK Industries and Commerce Department and Hadrian and JK Housing
Board & Central Government Employees Welfare Housing Organization. As part
of the the MoU, the NARDECO will train 10000 workers in various skills of
construction industry – like electrical, plumbing, masonry, carpentry and other
similar skills
During this
remarkable event in the history of J&K, 39 agreements worth Rs 18300 crores
with real estate developers for construction of housing and commercial projects
in J&K were signed.
Several captions of
Indian Inc from residential, retail, commercial space, entertainment industry,
tourism & hospitality, logistics & warehousing and financial
institutions attended the summit. The summit witnessed the signing of 20 MoUs
for development of housing projects, 7 others for commercial, 4 for
hospitality, 3 for Infra-tech, 3 for films and entertainment and 2 for finance
related projects. Some of the major real estate companies like Signature
Global, Samyak Group, Raunak Group, Hiranandani Constructions for housing
projects. Chalet Hotels limited signed and MoU for hospitality, Raheja
Developers, Goel Ganga, GHP Group and Shree Naman Group signed for housing
projects during the summit.
During the summit,
Minister of Housing and Urban Affairs, GoI, Hardeep Singh Puri remarked that
real estate being the second largest employer in the country, with the
multiplier effect will create innumerable opportunities in J&K in terms of
employment and investments. He also launched ‘Auction of Assets Portal’
Affordable Rental Housing Complexes Scheme at Sunjwan, Jammu, J&K RERA
Portal, Housing schemes and J&K Housing Mission Portal during the summit.
Lieutenant Governor,
Manoj Sinha called the occasion as “historic” adding it was a major step
towards the transformation of the entire Jammu and Kashmir. The LG highlighted
that with first ever Real Estate Summit, J&K will have a multiplier effect
in terms of investment, employment, GDP etc.
In brief, organising
of first ever Real Estate Summit will unlock and explore new opportunities in
untapped locations of Jammu and Kashmir which hold huge potential for real
estate development.
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