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.