Burj Khalifa Developer enters the Kashmir Infrastructure Market with the ‘Mall of Srinigar’ project
In Kashmir, the magnificent bloom of colourful tulips heralds spring, the season of change. But, the changes this year transcend beyond the seasons. After decades of suffering under the plague of terrorism, Jammu and Kashmir is about to see a significant increase in infrastructure spending. A massive project led by Dubai-based Emaar Group was recently revealed.
Lieutenant Governor of Jammu and Kashmir Manoj Sinha performed the project’s ‘bhumi pujan’ on Sunday.
The ‘Mall of Srinagar’ infra project would see the Dubai-based business enter the Valley. According to an Indian Express article, the project announcement comes nearly a year after top executives from numerous Gulf-based corporations visited the Valley to assess investment potential.
The mega mall would feature roughly 500 businesses and will cover an area of 10 lakh square feet. In addition to the Mall of Srinagar, the Emaar Group will build an IT tower at Sempora. Besides these two infrastructure projects, Emaar Group will also construct an IT tower in Jammu. The Jammu project will cost roughly Rs 150 crore. According to Sinha, these initiatives will help create much-needed jobs in the Valley. According to the government of Jammu and Kashmir, this infrastructure project in Srinagar is the Valley’s first FDI. According to Emaar Properties CEO Amit Jain, the majority of the businesses in the mall will be managed by enterprises located in the UAE.
Speaking at the India-UAE Investment Summit, the LG stated that under Prime Minister Narendra Modi’s leadership, Jammu and Kashmir has made remarkable progress towards an ambitious infrastructure development programme, rail network, modernization and expansion of airports, and highways for ease of doing business and faster economic growth.
