The Mall of Srinagar has been launched by Emaar Properties, a UAE-based integrated real estate development company, along with Magna Waves Buildtech, the foundation stone of which was laid by Lieutenant Governor of Jammu and Kashmir, Manjo Sinha at Sempora, Pampore.
Also attending the event were Kailash Vijayvargiya, National General Secretary of BJP; Dr. 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.
MoUs with Emaar have been signed by TATA Sons, TATA Consulting, Lulu International, Apparel Group, Titan Company, EaseMyTrip, Reliance Retail and PVR Group for the Mall of Srinagar and to create 13,500 jobs in the valley.
The construction of the Mall of Srinagar will be spearheaded by Emaar Properties. As per the MoU signed between India and the UAE, this mega-mall is the first significant investment in Jammu and Kashmir. A bhoomi pujan at the site was also conducted.
The mall will be constructed on a 10 lakh square feet area in Sempora, Srinagar and is expected to open its door to residents of the city by 2026. The Lieutenant Governor also revealed that Emaar has decided to invest Rs 500 crore across Jammu and Kashmir. According to the government, there are foreign investment proposals worth almost INR 3,000 crore including from the Lulu group.
“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,” said Lieutenant Governor Manoj Sinha.