Jammu & Kashmir has opened up its real estate market to everyone in the country. The new rules as notified by the government allow any citizen of the country to buy urban or non-agricultural land in Jammu & Kashmir which was earlier restricted only to the permanent residents of the state.
How has the Real Estate Industry reacted to the News?
The real estate industry in the country is elated at this latest development. It would be interesting to note that parts of Srinagar, Jammu as well as Baramulla are penciled in as places with plenty of potential by the real estate consultancies. However, no one is expecting a rush of deals immediately.
The Experts’ Opinion
The experts think that earlier J&K was elusive for the outsiders however things will change as anyone now can buy real estate space in the state. People from around the country can not only buy land and fulfill their long-cherished dream of living in paradise but can also set up their business in J&K which is very good news for a state that is largely dependent on tourism and some agriculture.
Opportunities in the Hospitality Sector
It can be said about J&K that the area has great untapped potential in the hospitality sector too. Though the place enjoys the presence of such reputed brands as Taj, Marriott, Radisson, Ramada, ITC Hotels, Park, Sarovar, etc. the J&K administration is also planning to set up a resort so that those visiting the state enjoy a memorable stay. The Karnataka government has also proposed a luxury resort in the valley. The Maharashtra government also echoed similar intentions last year when it said that it was planning to buy two land parcels in J&K and Ladakh to build resorts.
Residential Real Estate in J&K
Residential real estate also has great potential in J&K as there is a great demand amongst people in the country who would like to make the place their summer retreat. Breathtaking locale, verdant greenery, snow-tipped mountains, beautiful lakes, lovely climate, and above all friendly populace make J&K one of the most popular destinations in the country and there is no dearth of people who want a piece of this paradise on earth.
Property prices in Jammu, Srinagar & Baramulla
It would be worth mentioning here that property in most parts of Jammu & Kashmir is fairly economical and ranges between Rs. 2200 to 4000 per sq. ft in Srinagar, Rs. 2400 – 4000 in Jammu and Rs. 2500 – 3200 per sq. ft. in Baramulla.
J&K has great scope for both residential and commercial real estate yet it can be said that unless safety gains paramount importance in the state it is almost impossible for any real estate activity to gain momentum here. However, it also needs to be stated that there is a huge untapped real estate potential in J&K which now has the opportunity to be exploited to full which augurs well for the place as well as its citizens.