SRINAGAR, INDIA (Metro Rail News): Hardeep Singh Puri, Union Minister for Housing and Urban Affairs (MoHUA), stated that the proposals related to metro rail projects in Jammu and Srinagar cities would get approval from the Public Investment Board.
In the Jammu and Kashmir Real Estate Summit, Puri urged the UT government to organise an annual summit in J&K just like World Economic Forum at Davos and assured full support from the Centre. The minister proclaimed that metro projects in UT will soon become a dream come true. He added that the Centre would consider the demand to extend metro projects to the proposed AIIMS hospital outside Jammu. He also advised the J&K government to implement the Real Estate Regulatory Authority (RERA) law and Model Tenancy Act which the Centre has circulated to all states and UTs. He appreciated the Jammu and Kashmir government for implementing Prime Minister Awas Yojana (PMAY), making nearly 13,000 houses.
Puri exclaimed that real estate is the second-largest employment creator in the country, increasing the country’s overall productivity. Moreover, those states performing well at real estate are on the top of the economic index. Puri referred to the statement that investment in J&K will lead to unemployment as a ‘nonsensical argument’ wondered how someone can get away with such false logic instead; it will create employment.
According to Puri, real estate is in great demand in UT; there is a demand of up to 3 lakh units in housing and hotel segments. The need of the hour is the creation of single-window clearance for approving the real estate projects. The hurdles like the updation of land records are responsible for delaying the potential.
Union Minister Jitendra Singh at the investor’s summit stressed that investors had come here not to earn profits but to teach a business culture. He added that it is essential to change the mindset of business culture. He said that the north-eastern developmental model could be a role model for Jammu and Kashmir.