JAMMU / NEW DELHI: The Government of Jammu and Kashmir is raising the red carpet for real estate players in the Union territory, not only to attract investment, but also to get the message across on how the ‘UT progressed after August 5, 2019, when its special status was revoked.
Senior officials listed a number of initiatives, including full digital processing of all files, digitization of land records and deemed approval of land use change (ULA) after 30 days of filing applications.
J&K Housing and Urban Development Secretary Dheeraj Gupta said land is available in both Jammu and Kashmir for real estate development and the government is providing incentives and a strong enabling framework. He said developers can undertake projects alone or with private / local actors.
He added that nearly 700 acres are available in Srinagar for integrated residential development and another 200 acres on Srinagar Ring Road for high-end residential development. Gupta said that with the opening of UT, more people would like to have their “second adobe” in the valley.
Gupta also said developers have high business potential in the valley where people have “the appetite and the ability” to opt for high-value real estate. He said that Jammu offers a huge opportunity for real estate development.
Chief Secretary Arun Kumar Mehta said J&K has undergone a dramatic change since August 2019, when he was granted UT status. Calling it a new dawn, he assured developers that J&K Bank has sufficient funds to finance real estate projects in UT.
He added that J&K recorded positive GDP growth even during the Covid year and that 100% of households have access to electricity.
“By the end of 2022 we will have 100% running water hook-up to all homes and once the railways reach Kashmir the sky is the limit,” Mehta said.
The chief secretary said that in addition to clean air and water at J&K, which have therapeutic value, the government will have a one-stop-shop with many doors open for many permissions.
“We have digitized the property registration and in the worst case it takes a maximum of three days. We are completely in electronic mode and everything is tracked. Our elimination rate is 97%. We will complete 3D mapping of all properties in Jammu and Srinagar over the next one and a half years. Urbanization will open the door to development, ”he said.
Previously secretary of housing and urban development of J&K, the constitutional change in 2019 brought about the alignment of the statutory framework of J&K with the rest of the country. He said the sources of friction, which hamper investments in UT stands, are now removed. Gupta said all of this resulted in changes to UT’s regulatory framework.
“Land was the biggest obstacle to development and that roadblock is gone now,” he said, alluding to how anyone can buy land from J&K unlike what happened before.


Brett Oppenheim announces new masterclasses for real estate agents and investors


Real estate investors take One Times Square to the metaverse for New Years Eve - Commercial Observer

Check Also