EMAAR to build ₹250cr mega mall in Srinagar

J&K LG Manoj Sinha lays foundation stone at Sempora in Srinagar; Project marks first FDI in UT

SRINAGAR | Updated: 19 March, 2023 10:13 pm IST
J&K LG Manoj Sinha laid the foundation stone for the mega mall

The first mega mall in Jammu and Kashmir, built under foreign direct investment (FDI), is set to be constructed in the Sempora area of Srinagar.

On Sunday, March 19, J&K Lieutenant Governor Manoj Sinha laid the foundation stone for the project that will cost ₹250 crores.

“Today is a historic day for J&K as the United Arab Emirates (UAE)-based EMAAR Group has decided to invest ₹250 crores to set up a mega-mall on a 10 lakh square feet area in Sempora, Srinagar,” LG Sinha said.

“The Emaar group will also invest in setting up IT towers in Jammu and Srinagar, besides the mall. The total investment by the group will touch ₹500 crores,” he added.

LG Sinha praised the EMAAR group for making investments in UT of J&K and urged the group to ensure the completion of the mall within the shortest possible time.

“Some people have a negative mindset in J&K and continue to criticize the government’s policies because they cannot digest the huge development taking place in the UT,” LG Sinha said.

He further stated that J&K has witnessed significant progress after August 5, 2019, and that the government will use the land retrieved for setting up industries, playgrounds for youth, and graveyards for the people.

Highlighting the administration’s efforts to promote women entrepreneurship in J&K, LG Sinha said, “J&K is the second place after Telangana to have the first Women Entrepreneur Institute (WEI).”

The LG also mentioned that J&K is getting the cheapest power in the country, and the UT administration provides public amenities at a much lower cost than the rest of the country.

Last month, the J&K administration approved the first-ever FDI policy for the UT, outlining a minimum foreign stake of 51 percent. The announcement of the policy came after many Dubai-based firms had shown interest in developing large-scale projects in the UT.

Other large corporations interested in investing in J&K besides the EMAAR group include MATU investments, LULU group, Century Financials, and Al Maya group, among others. These groups are expected to contribute to a total investment of ₹3000 crores.

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