Dubai-based Emaar, a real estate developer from the United Arab Emirates (UAE), has become the first overseas company to invest in a mega-mall spread over 10 lakh square feet in Srinagar, a first since the Centre ended Jammu and Kashmir’s special constitutional position in 2019.
Describing the project as “a new dawn of limitless possibilities”, J&K Lieutenant Governor Manoj Sinha participated in a Bhumi Pujan in Srinagar’s Sempora area on March 19 as part of the ceremony of laying the mall’s foundation stone. “We are taking forward the Prime Minister’s vision for the development of J&K. Mall of Srinagar will have a transformative impact on the Union Territory (UT) and boost the infrastructure, employment generation and ease of living,” Mr. Sinha said.
First major FDI
The mega-mall is the first significant Foreign Direct Investment (FDI) investment in Jammu and Kashmir, according to an official statement. The Emaar group plans to invest ₹250 crore to set up the mega-ma...
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