The Hindu Business Line
Property prices in J&K set to rise after abrogation of Article 370: Anarock
Property prices are set to rise in Jammu & Kashmir following the Centre’s decision to revoke Article 370. Prices in Srinagar have been hovering very low in a range of ₹2,200-4,000 per sq ft, property consultant Anarock said on Monday.
However, the consultant said that security concern may keep prospective property buyers at bay for now.
“The government’s recent decision to revoke Article 370 and Article 35(A) is expected to have a positive impact on Jammu & Kashmir’s overall real estate market, which has been quite dismal so far,” Anarock Chairman Anuj Puri said in a report.
“On the one hand, locals will finally see an increase in the value of their properties. On the other, the really exciting prospect is the opening up of opportunities for Indians from outside J&K to finally invest in immovable property here,” Puri said.
The Anarock Chairman said Prime Minister Narendra Modi, in his recent address to the nation, invited various industries — including Bollywood movie makers — to make investments across the entire region.
“It is still too early to gauge the real impact of this move on Kashmir’s real estate market — as of now, it is still a highly sensitive region and security concerns may keep property buyers at bay. Once it stabilises, it will need the benefits of RERAlevel regulation,” Puri said.
The new realty law RERA would make a difference here only when real estate activity picks up and people come forward to deal in property.
“Like in all other states, here too RERA must give an equal footing to both buyers and builders and prevent unregulated real estate activity,” Puri said.