LG Manoj Sinha lays the foundation stone for a ₹250-crore mall in Srinagar, calls it J&K’s first FDI project

Srinagar: Jammu and Kashmir (J&K) lieutenant governor Manoj Sinha on Sunday laid the foundation stone for a ₹250-crore mega shopping mall at Srinagar’s Sempora area to be constructed by Dubai-based Emaar Group, calling it the first “foreign direct investment” in the Union territory.

Later in the day, Sinha also participated in the India-UAE investor meet at the Sher-i-Kashmir International Conference Centre (SKICC) on the banks of Dal Lake in Srinagar.

“This is a new dawn of limitless possibilities. We are taking forward (Prime Minister) PM Narendra Modi ji’s vision for development of J&K,” Sinha said. “Mall of Srinagar will have transformative impact on UT and boost infrastructure, employment generation and ease of living.”

Sinha also performed the bhoomi pujan of the mall, which will which will be constructed over an area of 10 lakh (1 million) square feet and is expected to be completed by 2026. Set to be one of the largest malls in the region, the complex will have more than 500 shops.

“For the first time, foreign direct investment (FDI) has happened in J&K by Emaar Group,” he said. “This mall will be constructed at a cost of ₹250 crore.”

The United Arab Emirates (UAE)-based Emaar Properties, an integrated real estate development company, will invest ₹500 crore in J&K, the LG said. “Land has been given adjacently for an IT tower, which will be inaugurated next month,” he said. “An IT tower will also be constructed at a cost of ₹150 crore in Jammu.”

He further said that said the drive to evict illegal occupants of government land in the Union territory will be resumed and the recovered land used to fuel industrial revolution in the region.

“We took the lands. Let me make it clear that we will take back all state land. The state land must remain with the government,” Sinha said. “J&K has witnessed a huge sea change post August 5, 2019. The government land was kept under illegal possession by some people that was retrieved. The land retrieved will be used for setting up industries, playgrounds for youth and graveyards for the people.”

On August 5, 2019, the Centre abrogated Article 370 that gave J&K special status and bifurcated the erstwhile state into two Union territories.

On the occasion, Emaar Group chief executive officer Amit Jain said: “The Mall of Srinagar is one of our milestone projects and we are excited about the potential of it. As Emaar Group, we bring along strong relationships with leading retail brands of UAE, most of which will be launching their presence in India through this initiative.”

Magna Waves Buildtech, which will also help in the construction of the mall, said over 1,000 people are expected to be hired during the course of construction. “Once operational, the mall will create 13,500 new jobs in Jammu and Kashmir,” said a spokesperson from the company.

Sinha later in the day also met a business delegation from the UAE during the investor meet. The UAE delegation was led by Sharafuddin Sharaf, chairman of UIBC India chapter, and Faizal Edavalath Kottikollon, chairman of UIBC UAE chapter. Launched in in September 2015, UIBC or the UAE–India Business Council is the official joint business chamber set up by the governments of the two countries to promote economic synergy.

Sinha said many investors from the UAE as well as from different states of the country had come for the meet. “There was good interaction with them particularly on agriculture, horticulture, allied sectors, hospitality, education and industry…,” he said. “We are trying to create a good ecosystem of investment for domestic as well as international investors.”

He said that there was new confidence among foreign investors. “I hope this will increase investment in J&K which will in turn enhance employment and livelihood opportunities,” he said.

The Lt Governor assured the investors that the land will be allocated within 15 days from the submission of the proposal.

Sharafuddin Sharaf, who is also the vice-chairman of the Sharaf Group, said the purpose of the interaction was to provide an opportunity for UAE companies to discuss issues and challenges related to investment and business expansion in the region. “This interaction provided an opportunity to understand diverse potential areas of collaboration,” he said. “There are a lot of opportunities for us to explore. Sharaf group is into logistics and railways. I wish to explore the possibilities of ICDs, containers, stations, railway links and warehouses.”

Faizal Edavalath Kottikollon, who is also the chairman of KEF Holdings, said they will work on the execution plan with the J&K administration.

“What inspired me are the opportunities in how two countries can come together and transform J&K and Srinagar. In a very short span of time we are working with a team from here, with the secretaries and government bodies. We are going to prepare an execution plan,” he said.