Jammu: Nearly two years have passed since the EMAAR company of the United Arab Emirates (UAE) laid the foundation for multipurpose towers in Jammu and Srinagar cities, but the construction has yet to commence. However, the executing agency, Magna Waves BuildTech, claimed that it got possession of the land for the projects only a week ago.
“The delay was not from our side, but the possession of land was not with us. We were waiting for the finalisation of the document of handing over the land to us,” said Deepesh, an official of Magna Waves. “The construction site plan has been finalised, but the work on the ground has yet to start. Now that the issues are resolved and we got possession of the land a week ago, work will begin soon,” he added.
Sources reveal that the project faced delays primarily due to pending formalities and the prolonged process of converting the designated land into an industrial area—a crucial step for the group to avail industrial land benefits.
“It took more than one and a half years to convert the status of the land to make it an industrial area, as the EMAAR group would get the facilities only on the industrial land,” an official of the Department of Industries of the Jammu and Kashmir government told ETV Bharat. “The formalities were completed recently, and the same has been conveyed to Magna Waves, the agency looking after the construction,” he added.
The EMAAR group was invited by the Lieutenant Governor Manoj Sinha-led administration after the abrogation of Article 370 to promote business and create job opportunities in Jammu and Kashmir. The agreement with the group also included the development of a megamall with approximately 500 shops in the summer capital, Srinagar.
Known globally for constructing landmarks like the Burj Khalifa and Dubai Mall, the EMAAR group had committed to invest in J&K under Foreign Direct Investment (FDI).
On March 19, 2023, the foundation stone for the Jammu multipurpose tower was laid at the Exhibition Ground near Press Club Jammu during a ceremony attended by LG Sinha, Bharatiya Janata Party (BJP) National General Secretary Kailash Vijayvargiya, and others. Since then, no significant progress has been made on the ground.
As per the agreement, the UT government has leased out around 24 kanals of land to the EMAAR group to construct a G+6 multipurpose tower at the cost of Rs 125 crores approximately. The EMAAR group has to invest the money under the FDI once they get possession of the land and have to complete the work within three years.
“If they fail to meet the deadline, they will be given two one-year extensions, subjected to penalties determined by a committee of government officers," said another official of the Department of Industries.
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