Emaar and Magna Waves Buildtech have launched the Mall of Srinagar, the first international mall in Jammu and Kashmir. The construction of the mall began with the laying of the foundation stone by Mr. Manoj Sinha, Hon’ble Lieutenant Governor of Jammu and Kashmir, on 19 March at Sempora, Pampore. The signage stone for the mall was unveiled in the presence of eminent dignitaries, including Mr. 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. A ceremonial foundation stone laying also called Bhoomi Poojan was conducted at the event.
TATA Sons, TATA Consulting, Lulu International, Apparel Group, Titan Company, EaseMyTrip, Reliance Retail, and PVR Group have signed MOUs with Emaar for Mall of Srinagar to create 13,500 jobs in the valley. The Mall of Srinagar is expected to open its door to residents of the city by 2026.
EMAAR Properties will spearhead the construction of the Mall of Srinagar. The mega-mall is the first significant FDI investment in the State of Jammu and Kashmir to facilitate investments in marquee projects as per the MOU signed between the governments of the UAE and India.
“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 Mr. Manoj Sinha, Hon’ble Lieutenant Governor of Jammu and Kashmir.
“Being the largest-ever mall built in the state, over 1000 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,” added a spokesperson from Magna Waves Buildtech.
The 1,000,000 sq. ft. 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, 6 cinema multiplex, a five-star hotel, and a multi-use commercial and residential complex.
“Mall of Srinagar is one of our milestone projects and we are excited about its 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,” said Mr. Amit Jan, CEO of Emaar.
In January 2022, during the Investor meets in Dubai, 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 specialty hospital, logistics centers, IT towers, and multipurpose towers, in addition to the Mall of Srinagar by Emaar.
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