After the central government revoking Article 370 and Article 35A for Jammu & Kashmir, there was a big debate on the social media that the valley will have boom in its real estate business. Many wished to buy a piece of land like the ‘Kashmir Apple.’ This debate caught the attention of common man too and they were curious to know about it (We know they can’t meet the expenses to buy one).
The ground reality has a completely different take. Though the land rates are considerably very high in Jammu & Kashmir, the real estate business will take its own sweet time to keep it running. But people should mind that J&K is mostly filled with hill places and plain lands are seen marginally at low ratio which could be useful for residential purpose.
The only thing that J&K doesn’t need to bother is water. There is a 100 years of planning to use water wisely and every acre of the valley will get water except for three months during the fall. The Kesar (saffron) fields are the most expensive lands to own and the middle-class family can’t afford to buy.
A look into the real estate web portals of Kashmir, a villa would cost around Rs 1.60 crore whereas a three-bedroom apartment is costing between Rs 65 Lakh to Rs 85 Lakh. When compared with other cities like Hyderabad and Bengaluru, the prices are on par.
But the south cities are bigger than Srinagar and have better infrastructure and are highly secure places. In Jammu the scenario is different. As common man is unable to buy land or residential thing in the city, they are settling down at hill stations. Even the big shots too are looking at the hill places for lavish occupancy.
The real estate business experts opine that there won’t be any sudden boom in J&K as the place should become safer for investors and it might take nearly two to three years. Hyderabad realtors too are closely observing J&K real estate business. They are confident that once things settle down, J&K will witness never before development given the circumstances of peace.
If the tourism picks up in J&K then the real estate business would slow make way. Nevertheless, this large depends on the political scenario, law & order and if unemployment is addressed with proper investments, then nothing can stop J&K from seeing progress that it went behind over the years.
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