Article 370 revoked Can outsiders now invest in Jammu and Kashmir Real Estate
On 5th Aug, PM Narendra Modi Government declared its judgment to remove Article 370 form the Indian Constitution, which has given special status to Jammu & Kashmir. Now Jammu and Kashmir is a union territory with the legislature.
Special status, basically meant that those living in J&K were governed under separate laws as compared with other Indians including matters related to basic rights, Property benefits legislation and so on.
Abrogating Article 370 means that Jammu and Kashmir will no longer have a separate flag. It also means that Indians, around the country, will have the freedom to purchase property in J&K and settle there – a benefit that had been discarded to them earlier.
Real estate transactions are highly restricted in Jammu and Kashmir so far. Article 35A gave J&K government the power to decide who can be permanent citizen of the state and only those individuals were allowed to own land, settle and seek government jobs in J&K region. This means until now, Non-residents of Kashmir’s were not allowed to purchase property nor to invest or even settle down in Jammu and Kashmir.
However, after revoking Article 35A would be like open door Non-residents for real estate investments in the state of over the country. It is too early to estimate the impact after eliminating Article 35A. On Kashmir’s Real estate Market. Jammu and Kashmir is the most sensitive region and it may take a long period of time for all the ambivalence to clear up. The fact that the region has been an area of contention for decades will keep any parties associated with investing therein wait-a and-watch mode. Much depends on how the state scenario there unfolds,” said the chairman of a leading property consultancy firm.
J&K real estate market as currently closed businesses has fewer property rates far lower than the rest of states in India. Property prices in Srinagar are considered Prime remains to be among the lowest in India, even lower than the common in the outskirts of most tier 2 cities.
In Srinagar’s Prime location the Price per sq ft is around Rs 2,300/-. In Jammu prices for 1600sq ft, the independent house is around Rs 40 lakh. Whereas for such houses in Non-metro capital cities would cost around Rs 60 lakh, while in metro cities it cost in crores.
Now Jammu and Kashmir attracting the middle class and upper-middle-class to invest or buy a property.
Residential Projects in Ludhiana
IMAGE SOURCE GOOGLE
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