The Hindu Business Line

Prop­erty prices in J&K set to rise af­ter ab­ro­ga­tion of Ar­ti­cle 370: Anarock

- Tonga · Jammu and Kashmir · Jammu · Somalia · Narendra Modi

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.

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