Real Estate Summit generates new hopes

If multi layered development has to take place and that too speedily as also with quality standards , it is imperative that private investment was not only encouraged but incentivised too. The Government having created a separate cell to ”see” and facilitate exclusively the issues regarding investments will ultimately result in an appreciable increase in the Gross Domestic Product (GDP) of the UT . Hence, setting on an ambition to fast track developmental projects in Jammu and Kashmir , initiatives like holding Real Estate summits at regular intervals must remain on UT Government’s priorities. It is, therefore, heartening to see that first of such summits took place recently in Jammu where various Memorandums of Understanding (MOUs) were inked between country’s top real estate investors and the UT Government of Jammu and Kashmir worth Rs.18300 crore in presence of two of the Union cabinet Ministers. Top companies in the field comprising Signature Global , NBCC, Samyak and Raunaq groups etc with not only varied and rich experience in real estate sector but a name in maintaining quality standards , would result in the projects coming up smoothly.
It is worth noting that the UT Government of Jammu and Kashmir also signed an MOU with the world renowned healthcare company Apollo Hospitals for establishing a multi- speciality hospital in Jammu . It is no mean a significant development in providing quality healthcare to people and also in prompt diagnosis and treatment of serious ailments, all under one roof. Besides, with opening of such prestigious ventures as a result of convergence of the requisite will between the parties to the said MOU, new avenues of employment will be opened for the people. Lieutenant Governor has rightly termed it as a ”major milestone ” for Jammu and Kashmir in the pursuit of embarking upon the path of touching new goals and aspirations related to socio-economic growth. We only wish the prestigious venture coming up fast in Jammu.
Looking to the urgent rather dire need of both the capital cities for decongesting of their vital busiest roads and to smoothly regulate traffic movement , more flyovers need to be constructed if not the existing road network increasingly widened for various reasons. We feel that such projects should top the priority list of the UT Government especially making a part of real estate projects slated to come up in the UT and in subsequent summits planned to be held in the near future , this issue must be properly addressed.
It is worth noting that there is ample scope for generating employment opportunities both direct and more indirect , in real estate sector with a multiplier effect. That there are statutory provisions in place like implementing Real Estate Regulatory Authority law and Model Tenancy Act in Jammu and Kashmir shall prove as a cushion in pushing real estate oriented projects ahead quite smoothly. The second part related to easing of traffic and for convenience and saving time of the people is, early starting of the metro rail projects in Srinagar and Jammu capital cities and it is a matter of satisfaction that the proposals are said to be in the decisive stages of approval from the Public Investment Board (PIB) as made clear by the Union Minister for Housing and Urban Affairs in the Summit. So, it is hoped that this prestigious but most sought after project , becomes a reality on the ground very soon and that the ”limits” of the project in Jammu could be extended to the proposed AIIMS at Vijaypur is quite commendable.
Not only for various housing projects were the MoUs signed but for hospitality, film and entertainment , infrastructure, commercial and finance sectors as well are indicative of multi pronged developmental ventures in the offing while additional investment proposals amounting to whooping Rs.44000 crore are reported to be in the pipeline, mainly for various Industrial Development Schemes . That the said amount could exceed Rs.60000 crore depends all on how such investments were attracted and subsequently provided all administrative support. The suggestion that an annual summit like World Economic Forum at Davos could be hosted in Jammu and Kashmir, was bound to highlight investment opportunities in this region of the country and highlight the vast existing potential but unexplored due to lack of matching financial support. That for hosting of such a prestigious summit, the central ”all help” was assured by a senior Union Minister , deserves to be duly noted.
While apprehensions that such type of initiatives would lead to unemployment are fears unfounded and having no substance therein, instead more employment would be generated and with a demand push for material , goods, equipment and labour – both technical and non technical- would result once the proposed projects start coming up. Yes, one thing is most important to be noted and that is preference to local resources both human resources and other concerned ones , required for the projects. Projects, it may be noted, of whichever types can be of utility only when there was good quantum of demand for them and there is ample demand and opportunities for real estate projects in Jammu and Kashmir and all those states where this sector is thriving , those states are enjoying a good economic growth index.