Jammu, Oct 19: The Jammu and Kashmir government is considering cancelling the land lease granted to UAE-based real estate major Emaar Group after its proposed multipurpose mall and IT park in Jammu failed to move beyond the foundation stone laid three years ago.
An official said the agreement required the company to complete construction within three years of taking possession of the land, with provisions for penalties and lease cancellation in case of non-compliance.
“The company has not started construction, and the government is not inclined to extend the lease,” the official said.
Under the agreement, the government could have granted a one-year extension if the company had shown progress towards starting the project. However, officials indicated that no such relief was likely in view of the continued delay.
The government had leased around 24 kanals of land to Emaar for 40 years to develop a G 6 multipurpose tower at an estimated cost of ₹125 crore.
Lieutenant Governor Manoj Sinha laid the foundation stone for the project at the Exhibition Ground near Press Club Jammu on March 19, 2023, in the presence of BJP national general secretary Kailash Vijayvargiya.
Emaar, a UAE-based real estate developer, is known for landmark projects including the Burj Khalifa and Dubai Mall. The prolonged delay in the Jammu project has raised questions over the implementation of the proposed investment.