Srinagar: Jammu and Kashmir’s Lieutenant Governor Manoj Sinha laid the foundation stone for Dubai’s Emaar group in Srinagar on Sunday saying that the group is building a shopping mall on ‘10 lakh square feet (185 kanals of land), an investment worth Rs 250 crore.
The memorandum of understanding (MoU) was signed by Dubai-based firm Emaar Properties with Jammu & Kashmir government in January last year to develop a 5 lakh square feet (91 kanals of land) shopping mall at Srinagar in J&K.
Notably, it is the first FDI (Foreign Direct Investment) in J&K as the autonomous status of J&K was scrapped on 5 August 2019.
Talking to reporters on the sidelines of the function, the LG said that today is the historic day for J&K as the United Arab Emirates (UAE) based EMAAR Group is investing Rs 250 Crore to set up a mega-mall on the 10 lakh square feet area at Sempora, Srinagar.
“This is a moment of pride. The Emaar group will also invest in setting up IT towers in Jammu and Srinagar, besides the mall, and total investment by the group will touch Rs 500 Crore,” he said.
“J&K has witnessed a huge change post-August 5, 2019. The state land was kept under illegal possession by some people that were retrieved which will be used for setting up industries, playgrounds for youth, and graveyards for the people,” he said.
(KNO)