Sale Spree: J&K Govt Signs 39 MoUs Worth Nearly Rs 19,000Cr at Real Estate Summit, Draws Flak

Srinagar: The Jammu and Kashmir government on Monday signed as many as 39 MoUs (memoranda of understanding) worth over Rs18, 300 crore for the development of housing and commercial projects in the Union territory (UT) after the authorities introduced laws for corporate investment and has allowed use of agricultural land for non-agricultural purposes.

The UT government called for fresh investments at the Jammu and Kashmir Real Estate Summit (2021) which was held in Jammu on Monday by the Union Ministry of Housing and Urban Affairs and the UT administration.

Among the real estate companies that signed the MoUs are Signature Global, Samyak Group, Raunak Group, Hiranandani Constructions for housing projects.

Lt. Governor of J&K Manoj Sinha, who was present at the function, termed the inking of deals as historic and claimed these MoUs will help “generate direct and indirect employment opportunities” in the region.

“Last few years have seen tremendous change in terms of good governance, delivering development & transforming infrastructure of UT. Barriers to businesses in J&K have been removed. J&K UT is now an attractive place to do business and invest,” the office of the LG said in a statement.

The official spokesperson added that the government of J&K has also signed a MoU on skilling with National Real Estate Development Council (NAREDCO), a real estate body under the aegis of Ministry of Housing and Urban Affairs, under which they will train 10,000 workers in various skills of the construction industry–electrical, plumbing, masonry and carpentry.

Sinha said that another real estate summit will be held in Srinagar on May 21-22 next year. He added the government has identified 6,000 acre of land for development of projects and that it has also made rules for change of land usage of agriculture land, regulations that were necessitated in mid-December after the legislative changes in the land revenue Act after reorganisation of the erstwhile state.

‘J&K is on Sale’

The fresh announcement has drawn sharp criticism from political parties who termed it as a measure to put the region on “sale.”

“Once again the true intentions of the government are brought to the fore. While offering to secure the land, jobs, domicile laws & identity of the people of Ladakh, J&K is being put up for sale. People of Jammu should beware,“investors” will buy up land in Jammu long before Kashmir,” former chief minister Omar Abdullah of  the National Conference tweeted.

People’s Democratic Party (PDP) leader Mehbooba Mufti also termed it as a means to further disempowerment of people in the region and another means to administer a “demographic change”, something many have been arguing following the implementation of new land laws in the region.

“J&Ks special status was illegally revoked to dehumanise, dispossess & disempower the only Muslim majority state in India. GOIs brazen loot & sale of our resources shows that the sole motive is to annihilate our identity & change the demography,” former chief minister said.

Apni Party President Altaf Bukhari said  the efforts that aim at a holistic development and job creation in Jammu and Kashmir are welcome but not at the cost of domicile laws that safeguard land and employment rights of its permanent residents. Bukhari said Apni Party will never allow any such move that undermines the rights of the People of Jammu and Kashmir.

“Our Party will always welcome any efforts that will foster progress and prosperity in Jammu and Kashmir. But at the same time we are pledged to resist any plans that will do away with the exclusive rights of the people on their land and jobs,” he said.