UAE’s Emaar first overseas company to start a mega-mall project in Kashmir
Emaar, a Dubai-based real estate developer, has become the first foreign company to invest in a mega-mall spread over one million square feet in Srinagar.
An overview of the news
Lieutenant Governor Manoj Sinha on 19 March laid the foundation stone of the mega Mall of Srinagar to be built by Dubai’s Emaar Group at Sempora area of the city.
The project will have a transformative impact on the Union Territory and will boost infrastructure and employment generation.
Emaar Group will invest a total of ₹500 crore, including ₹250 crore for the mega-mall and setting up IT towers in Jammu and Srinagar.
This mega-mall is the first significant Foreign Direct Investment (FDI) in Jammu and Kashmir.
The mall, a joint venture between Emaar and Delhi-based real estate firm Magna Waves Buildtech, is likely to be operational by 2026.
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