The government of Jammu and Kashmir opened the union territory to real estate investors on Monday, signing 39 memorandums of understanding (MoUs) worth Rs 18,300 crore for the development of housing and commercial projects.

Lieutenant Governor Manoj Sinha called the signing of the Agreements at the J&K Real Estate Summit "historic," saying it is a huge step towards the transformation of the Union territories. He said the government has already implemented the real estate law RERA and established the Model Tenancy Act in the UT during a press conference at the summit.

He stated that the government will examine lowering stamp duty on property registration and establishing a single-window system for project approval. "Today, we signed 39 Memorandums of Understanding." He detailed to reporters here that he had received investment bids worth Rs 18,300 crore.

The summit was hosted by the J&K government, the Union Ministry of Housing and Urban Affairs, and NAREDCO, a trade association for realtors. These Memorandums of understanding, according to Sinha, will contribute to the creation of direct and indirect employment possibilities in Jammu and Kashmir.  In addition, he announced that a similar real estate summit will be conducted in Srinagar on May 21-22, 2019.

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