Jammu and Kashmir Witnesses Unprecedented Growth with Rs 81,000 Crore Investment Proposals
The union territory of Jammu and Kashmir has received investment proposals worth Rs 81,000 crore, thanks to the introduction of the new industrial development scheme and the repeal of Article 370.
Jammu And KashmirReal EstateInvestment ProposalsArticle 370NaredcoDr Hina Shafi BhatReal Estate NewsJun 14, 2024
According to Dr. Bhat, the region has received private investments of only Rs 14,000 crore since independence. However, with the abrogation of Article 370, Jammu and Kashmir has entered a new era of transformative growth, promising not only economic growth but also a brighter future for its people.
The region's vast potential for real estate development is expected to drive this growth, with nearly 18,000 kanals (2,250 acres) of land already allotted for setting up key units across both Jammu and Kashmir divisions. Dr. Bhat emphasized the importance of transparent and efficient governance in ensuring the success of real estate development in the region.
Moreover, the government's commitment to creating a conducive environment for business and development has instilled confidence in investors and developers. The repeal of Article 370 has brought the region into closer alignment with the rest of India, enabling the uniform application of laws, including those related to property and investment.
This integration has opened the door to new and exciting policies, with the central government proactively supporting the region's growth through various incentives and schemes. Dr. Bhat expressed her optimism about the potential for increased investment, particularly in the real estate sector, with the lifting of restrictions on land ownership for non-residents.
Dr. Hina Shafi Bhat's remarks were made at the 3rd Naredco Mahi convention, where President Naredco G Hari Babu applauded the contribution of Jammu and Kashmir's functionaries in bringing about social and economic improvement in the region. Naredco has announced plans to organize a realty convention in J&K soon.
Naredco is a leading national body of real estate developers, with a strong presence across India. Its mission is to promote and support the real estate sector in India, particularly in regions like Jammu and Kashmir, which have immense growth potential.
Frequently Asked Questions
What is the total value of investment proposals received by Jammu and Kashmir?
Rs 81,000 crore
What is the main factor behind Jammu and Kashmir's growth?
The introduction of the new industrial development scheme and the repeal of Article 370
How much land has been allotted for setting up key units in Jammu and Kashmir?
Nearly 18,000 kanals (2,250 acres)
What is the importance of transparent and efficient governance in Jammu and Kashmir's growth?
It is crucial for the success of real estate development in the region
What is Naredco's plan for Jammu and Kashmir?
To organize a realty convention in the region soon
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