JAMMU: A total of Rs 18,900 crore worth Memorandums of Understanding (MoU) and investment proposals were signed in December at the first ever real estate summit held in the Union Territory of Jammu & Kashmir. The summit was organised by the Ministry of Housing and Urban Affairs in collaboration with the government of Jammu and Kashmir and the National Real Estate Development Council (NAREDCO).

Signature Group, a major real estate player, has proposed to invest Rs 2,000 crore for constructing 10,000 units of affordable houses in the region. Besides, colonies for Central and state government employees as well as for police personnel will be constructed. Also, a central secretariat, where all Central ministries can be brought under one umbrella in order to provide ease in services to the people, would be set up in the UT, J&K Lieutenant Governor Manoj Sinha said. “I assure all the real estate developers that we will provide incentives (to you) at par with the other Indian states,” Mr Sinha said.

As far as fresh investment is concerned, he said that the UT has received Rs 44,000 crore worth investment proposals. Of the received proposals, most of the investors have submitted their DPRs and other required fees. The total investment is expected to touch Rs 60,000 crore in a very short period of time, Mr Sinha said.