On its part, NAREDCO President Rajan Narayan Bandelkar emphasized that the Centre should come out with a policy measure so that the issue of ‘input tax credit’ related to real estate is sorted out. During the event, Niranjan Hiranandani, Vice Chairman of NAREDCO and Founder-cum-Managing Director of Hiranandani Group, suggested the UT administration come up with integrated townships, wherein IT, hospitality, and residential infrastructure, among others, could be set up. Also, the connectivity situation has improved drastically in the region, and the travel time between Jammu and Srinagar has reduced from 12 hours to five hours. Railway connectivity between Jammu and Srinagar is expected to be launched by 2023, J&K Chief Secretary Arun Kumar Mehta said. Taking into account these improvements in connectivity in the UT, the stage is set for real estate investors to hit the ground, Mr Mehta said. “When it comes to credit support, banks in J&K have enough liquidity for the industry,” Mr Mehta said.

In addition, the J&K administration has assured the investors of single window clearance as well as end-to-end digital experience for all the requisite compliances. “We will provide a single window with multiple doors, not a single window with multiple closed doors,” Mr Mehta added.

On providing the locals the opportunity to sell their land to corporates or investors, Mr Mehta said unlocking of land use was much needed as the government cannot deny land owners the value of the lands. He also said that J&K’s GDP is expected to double in the next five years.

Notably, all offices in J&K have shifted to e-office mode and the rate of disposal of files is 97 per cent. The e-office mode and the faster rate of disposal will fast-track the mandatory approval required for setting up real estate infrastructure. In addition, three dimensional property mapping will be done in the UT by the next 18 months, Mr Mehta announced. Mr Durga Shanker Mishra, Secretary at the Ministry of Housing and Urban Affairs, said: “Real estate sector should be opened up as it has a multiplier effect linked with it. Ultimately, it will open up every other aspect in the economy.”