Emaar and Magna Waves Buildtech, on March 19, 2023, 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 Manoj Sinha, the lieutenant-governor of Jammu and Kashmir, at Sempora, Pampore. With the construction of over 500 shops, the mall is set to become operational by 2026. The 1,000,000-sqft. project will include a mall, six cinema multiplex, five star hotel, multi-use commercial and residential complex.
Emaar Properties, a UAE-based real estate development company, will spearhead the construction of the Mall of Srinagar. 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 on the launch day to create 13,500 jobs in the Valley. The mall is a significant FDI investment in the state 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 the 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 L-G said.
“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.
Amit Jan, CEO, Emaar, said, “Mall of Srinagar is one of our milestone projects. As Emaar group, we bring along strong relationships with leading retail brands of the UAE, most of which will be launching their presence in India through this initiative.”
