Srinagar to get a 5 lakh square feet shopping mall; Lulu group to open hypermarket (WATCH)
By Anish Kumar | First Published Mar 19, 2023, 4:22 PM ISTThe government is trying to bring the Kashmir Valley into the mainstream by giving thrust to developmental and industrial projects.
About four years since the abrogation of Article 370 from Jammu and Kashmir and its designation as a Union Territory, the Kashmir Valley has witnessed a new dawn of all-round development, including an influx of foreign direct investments (FDIs) which is transforming the living standards and economy of the local population. On March 19, Dubai-based realty conglomerate EMAAR group laid the foundation stone for building a five lakh square feet shopping mall in Srinagar. It is the first such FDI since Article 370 was scrapped from Jammu and Kashmir.
Among other brands, the EMAAR Mall will house the Abu Dhabi-based LuLu Group, which runs supermarkets across West Asia.
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LuLu Group chairman M A Yusuff Ali had said, "We have entered into a deal to set up a hypermarket in the mall, which is being built by Emaar Properties."
Currently, the LuLu Group is in the business of exporting apples, saffron and dry fruits from the state. Besides, the EMAAR group is also looking to expand its business operations in the Valley, announcing that it would also invest in hospitality, real estate, commercial and residential projects in the months to come.
Over a year ago, a total of 39 memorandums of understanding were inked worth Rs 19,000 crore at a real-estate summit in Jammu. Out of this, 20 MoUs were signed for the residential sector, seven in commercial, four in hospitality and three in Infratech among others.
The government is trying to bring the Kashmir Valley into the mainstream by giving thrust to developmental and industrial projects. Jammu and Kashmir had witnessed an unstable situation in the valley for a long time; the locals now believe that things will change from now onwards.
"Everyone wants peace and prosperity in the valley. Lots of investments in Jammu & Kashmir will open doors for youths to get engaged and earn," a local said.
As per reports, prior to August 2019 --- when the withdrawal of Article 370 was announced -- the state had witnessed an investment of Rs 14,000 crore only. Now, the scenario has changed, with even foreign investors too evincing interest in once a terrorist-infested state.
In Parliament, Minister of State for Home Affairs Nityanand Rai informed that Jammu and Kashmir had received an investment of Rs 1,547 crore in the current fiscal till January, adding that the Union Territory has received proposals worth Rs 64,058 crore.
He also shared the data for the J&K receiving investments in the past couple of years. Rs 376.76 crore in 2021-22, Rs 412.74 crore in 2020-21, Rs 296.64 crore in 2019-20, Rs 590.97 crore in 2018-19 and Rs 840.55 crore in 2017-18.
Last month, the JSW Group announced its plan to establish a 120,000 metric tonne colour-coated steel manufacturing unit.
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