Srinagar: Jammu and Kashmir Lieutenant Governor Manoj Sinha on Sunday laid the foundation stone of the state's first international mall that will be built by Dubai-based Emaar Properties and Magna Buildtech. The mall, which will come up on a 10 lakh square feet area in Srinagar's Sempora, will be operational by 2026.
It will provide commercial space for at least 500 shops, six multiplexes, a residential complex, and a five-star hotel along with generating a huge scope of employment. A ceremonial foundation stone laying was organized on Sunday.
Sinha said that after completion, the mall will become a major attraction for the residents of Jammu and Kashmir and the tourists visiting this region. This will be Jammu and Kashmir's largest mall, he said adding that it was the first direct foreign investment project in the Union Territory.
The total construction cost will be Rs 250 crore, he said. "The mall along with other projects with Dubai government will expedite the economic growth of Jammu and Kashmir as well as strengthen investment and trade between India and UAE. It will create employment and boost infrastructure. Many MOUs will be signed today," added Sinha. He also said that a favorable environment has been created for investment and investment proposals have been received from several domestic and foreign countries in the last few months. Investors are eager to invest here, he added.
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Amit Jain, CEO Emaar Group said the mall is one of the milestone projects and said that the company was excited about its potential. Around 7,000-8,000 people will work in the mall along with this there will be investments due to logistics, transportation, and food industry associated with it. Shahid Kamili, a Kashmiri businessman welcomed the project and said more foreign investors should come here as it would change the industrial scenario of the region.
