Lulu Group will operate a huge shopping mall. Hypermarket in Srinagar


First Published Mar 19, 2023, 7:49 PM IST

Srinagar: It has been four years since the abrogation of Article 370 in Jammu and Kashmir. Now Jammu and Kashmir is a union territory. Now a new dawn has dawned in Jammu and Kashmir for development in all fields. Foreign investments are pouring into the Kashmir Valley. It improves the living standards and economic conditions of the natives. Recently, on March 19, Dubai-based real estate giant Emaar Group laid the foundation stone for a huge shopping mall in Srinagar with an area of ​​5 lakh square feet. Jammu and Kashmir Lieutenant Governor Manoj Sinha laid the foundation stone. This is the first foreign investment after the removal of Article 370.

Many brands are found in this huge shopping mall. Abu Dhabi-based Lulu Group will operate the hypermarket. Lulu Group operates mostly supermarkets in West Asia. Lulu Group Chairman MA Yusuf Ali said that Lulu Group has struck a deal to run a hypermarket in the shopping mall being constructed by Emaar Properties.

At present, Lulu Group is engaged in exporting apples, saffron flowers and dry fruits from Jammu and Kashmir. Apart from building a huge shopping mall in Srinagar, Emaar Group is also planning to expand its business activities in this valley. The group will invest in hospitality, real estate, commercial and residential projects.

At the real estate summit held in Jammu a year ago, Rs. 39 MoUs worth 19 thousand crores have been signed. Out of this 20 deals are related to residential sector. Seven in commercial, four in hospitality and three more in other sectors including infratech.

The government has decided to take up the development programs in the Kashmir Valley fast and make it a model for the rest of the regions. Locals also hope that there will be a change from now on.

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A local said that everyone wants peace and prosperity in the valley. He said that many investments are coming in Jammu and Kashmir, which will pave the way for employment of the youth here.

Before the abrogation of Article 370 in the state of Jammu and Kashmir, only Rs. Only 14 thousand crores of investments have come. Now foreign investors are also showing interest to invest.

Minister of State for Home Nithyanand Roy said in the Parliament that Jammu and Kashmir has spent Rs. 1,547 crore investments have been attracted. Moreover, Rs. He said that proposals for investments of 64,058 crores have been received.

During 2021-22 Rs. 376.76 crore investments, in 2020-21 Rs. 412.74 crore investments, in 2019-20 Rs. 296.64 crores, during 2018-19 Rs. 590.97 crores, in 2017-18 Rs. It was explained that 840.55 crores of investments have been received.

Last month, the JSW Group announced plans to set up a 120,000 metric ton color coated steel manufacturing unit.

Last Updated Mar 19, 2023, 7:49 PM IST


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