Mr Mishra, while delivering his keynote address, also mentioned that construction of metro mobility services in the UT is in ‘advanced stage’. During the course of the summit, a portal for e-auction of real estate assets and Real Estate Regulatory Authority was launched. Also, J&K adopted the Model Tenancy Act.

Speaking at the event, Mr Hardeep Singh Puri, Minister of Housing and Urban Affairs, said that there is a demand for 2.5 to 3 lakh units of houses in the UT. “Land is available, demand is available. It’s time to take it forward from here,” he told the industry participants.

According to Mr Anuj Puri, Chairman of ANAROCK Group: “There is no doubt that real estate in J&K, especially in the tourism hotspots of Kashmir, potentially has highly aspirational aspects. Hospitality firms are especially eager to get a stronger foothold there. “However, there is no wishing away the fact that this is a politically charged region where the interests of all stakeholders, especially locals, need to be taken into consideration. Investors will also do a much higher than usual due diligence in terms of overall prospects and safety.” It is hoped that the summit will help address and clear up at least some of the prevailing doubts and ambiguities, he added.