Jammu & Kashmir Lieutenant Governor Manoj Sinha.
The 10-lakh-sqft project’s world-class development will include a mall, 6 cinema multiplex, five-star hotel, and a multi-use commercial and residential complex
Jammu & Kashmir Lieutenant Governor Manoj Sinha on Sunday laid the foundation stone of the first international mall in Jammu and Kashmir, ‘Mall of Srinagar’, to be built by UAE-based Emaar Properties and Magna Waves Buildtech. The state’s largest 10-lakh-sqft mall, at Sempora in Pampore, is expected to open its door to residents of the city by 2026.
“The construction of the mall began with the laying of the foundation stone by Manoj Sinha, Hon’ble Lieutenant Governor of Jammu and Kashmir, on March 19 at Sempora, Pampore,” according to a statement released on Sunday.
The 10-lakh-sqft project will offer a world-class experience to the residents of Jammu and Kashmir and is likely to become a major attraction for thousands of tourists visiting Srinagar from across India. The project’s world-class development will include a mall, six cinema multiplex, five-star hotel, and a multi-use commercial and residential complex, according to the statement.
A spokesperson from Magna Waves Buildtech said that being the largest-ever mall built in the state, over 1,000 people are expected to be hired during the course of construction. Once operational, the mall will create 13,500 new jobs in Jammu and Kashmir.
EMAAR Properties, a UAE-based globally-recognised integrated real estate development company, will spearhead the construction of the Mall of Srinagar. The mega mall is the first significant FDI investment in Jammu and Kashmir to facilitate investments in marquee projects as per the MoU signed between the governments of the UAE and India. A ceremonial foundation stone laying, also called Bhoomi Poojan, was conducted at the event.
The signage stone for the mall was unveiled in the presence of eminent dignitaries, including Kailash Vijayvargiya, National General Secretary of BJP; Aman Puri, Consul General of UAE; and representatives from strategic partners including Tata Projects, Voltas, Reliance Retail, Lulu Hypermarkets, Apparel Group, Devyani International, PVR Cinemas and EFS Facility Management Services, according to the statement.
J&K Lieutenant Governor Manoj Sinha said, “The Mall of Srinagar and allied projects with the government of Dubai will fuel the economic growth of Jammu and Kashmir and bring us closer to achieving our shared vision of strengthening bilateral trade and investment ties between UAE and India. By creating jobs and attracting new businesses to our union territory, we are laying the foundation for a stronger and more prosperous future for the people of Jammu and Kashmir.”
The Mall of Srinagar is expected to open its door to residents of the city by 2026, said the statement.
Emaar CEO Amit Jan said, “The Mall of Srinagar is one of our milestone projects and we are excited about the potential of it. As Emaar group, we bring along strong relationships with leading retail brands of UAE, most of which will be launching their presence in India through this initiative.”
In January 2022, during the Investor meet in Dubai, the J&K government entered into a bilateral agreement with various stakeholders and the government of UAE to deliver over a billion dollars worth of projects in the valley. These projects include the development of industrial parks, a medical college, a speciality hospital, logistics centres, IT towers, and multipurpose towers, in addition to the Mall of Srinagar by Emaar.
Read all the Latest Business News here