Emaar Properties, noted realty conglomerate from Dubai has announced its plan to develop a 5 lakh sq feet shopping mall in Srinagar, Jammu & Kashmir. A memorandum of understanding (MoU) has been signed between the governments of Dubai and Jammu & Kashmir to facilitate investments into this proposed project, a report by SURFACES REPORTER (SR).
In a statement released by Emaar Properties, it says that the group will develop a 5,00,000 sq ft 'Emaar Mall' in Srinagar which will be the first significant FDI investment since the state has been converted into a Union Territory.
Calling it a 'Landmark project', H.E. Ahmed Abdul Rahman Albanna, the UAE Ambassador to India, said, "The UAE and India are comprehensive strategic partners and this project by EMAAR will be a landmark of Jammu and Kashmir. I would like to congratulate EMAAR and all the partners in this project, and am sure we will see many such projects coming up in the near future. The UAE and India economic partnership is at an inflection point and we will invite other UAE investors to look at this opportunity too."
Along with the world class mall, the group is also considering making further investment in the region in areas including real estate, hospitality and mixed use commercial and residential projects, said Mohammad Alabbar, Founder, Emaar.
Eversince the region has turned into a union territory; investors are eyeing the region as a potential hotbed. Only last month, the J&K govt opened the union territory to the country’s real estate investors by signing 39 MoUs worth nearly Rs 19,000 crore at a real estate summit held in Jammu. Among these MoUs, 20 for development of housing projects, while 7 were inked for commercial, 4 for hospitality, 3 infratech, 3 films and entertainment and 2 finance projects.
Dubai's Emaar Properties has a long history in working in the Indian subcontinent. The company first entered the domestic market with a JV Emaar MGF Land with MGF Group with an initial investment of Rs 8,500 cr. The Joint venture ended in April 2016 with official approval of national Company Law Tribunal (NCLT) in January 2018 about the proposed demerger. Emaar India is developing real estate projects mainly in Delhi-NCR and Punjab.
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