Repeal of Article 370 Spurs Rs 81,000 Crore Investment Proposals in Jammu & Kashmir: Dr Hina
14/06/2024
New Delhi/Jammu, June 14 (KIP)-14th June 2024: With the Introduction of New Industrial Development scheme and post abrogation of article 370, the Union Territory of Jammu & Kashmir has received Investment proposal worth Rs 81 thousand Crore, disclosed Chairperson J&K Khadi & Village industry Board Dr. Hina Shafi Bhat.
Without giving the breakup of the Rs 81 thousand crores of investment proposals Dr. Bhat, however, added that J&K had received private investments to the tune of Rs 14000 crore only since independence.
These aforesaid observations made by Dr Bhat at 3rd Naredco Mahi convention here on Friday while speaking on the overall investment scenario of J&K pointing out that the abrogation of article 370 opened a new chapter for Jammu & Kashmir.
“The reason stands on the cusp of a transformative era, with vast potential for the real estate development. By leveraging the opportunities presented, adopting sustainable practices and ensuring inclusive growth, we can build a prosperous and vibrant Jammu & Kashmir. The journey ahead promises not only economic growth but also a brighter future for the people of this beautiful region. “categorically states, Dr Bhat
According to her nearly 18 thousand kanals ( 2250 Acres) of land, as against a total 39022 kanals( 4844 Acres) sought for setting up key units, has already been allotted across both Jammu & Kashmir divisions. “Transparent and efficient governance is crucial for the success of the real estate development. Streamed lined processes for land acquisition and permits, coupled with improved security has instilled the confidence in the investor and developers. The government’s commitment to creating a conducive environment for business and development is evident and embodies well for the future of real estate in Jammu & Kashmir.” Affirmed the Chairperson J& K Khadi & Village Industry Board.
However, Dr Bhat also felt that with new business opportunity and improved economic prospectus, there is growing demand for residential real estate. “Government sponsored affordable housing scheme will address the needs of lower- and middle-income groups, ensuring inclusive growth. Moreover, modern residential complexes equipped with amenities will enhance the quality of life for the residents making Jammu & Kashmir an attractive place to live.” Felt Dr. Bhat.
“The Repeal of Article 370 has brought the Region into closure alignment with rest of India. This integration has enabled the uniform application of laws, including those government property and investment, thereby opening the door to the new and exciting policies” stated Dr Bhat adding that one of the most immediate impacts of this change is the potential for increased investment
“Previously restrictions on land ownership for non-residents limited these opportunities. With these restrictions lifted, we can now anticipate a significant influx of interest from investor nationwide and internationally. The central government proactively stance supported by various incentives and schemes, is designed to attract substantial private sector participation in the region real estate market” concluded Dr Bhat.”
President Naredco G Hari Babu in his welcome remarks loaded the contribution of the functionaries of Jammu & Kashmir Union Territory both at political and bureaucratic level for bringing about a wave of social and economic improvement in Jammu & Kashmir including transformative results in the security dispensation of Jammu & Kashmir.
On this occasion, President Naredco G Hari Babu announced that very soon Naredco is going to organize a realty convention in J&K.
The Chairperson J & K Khadi & Village Industries Board were warmly felicitated by Naredco Mahi office bearers for making bold observations about the prevailing investment situation in Jammu & Kashmir. These include National President Naredco -G Hari Babu, Chairman Naredco-Dr Niranjan Hiranandani & Dr Ananta Raghuvanshi, Naredco Mahi President.