There are many people who wanted to buy a house in Jammu and Kashmir, but due to the special status of the state it was not possible to do so. After removing most of the provisions of Article 370 of the government, the expectations of such people have increased, because now people from outside can also buy property in the state.
But is it really possible to do this?
Article 35A has been repealed. Under this, the Jammu and Kashmir government was allowed to decide the definition of permanent citizen of the state. It also meant that only permanent citizens of the state would be allowed to buy property here.
After dividing Jammu and Kashmir into two Union Territories – Jammu and Kashmir and Ladakh, people of other states can also buy immovable property here.
After the removal of Articles 370 and 35A, all the terms and conditions of the Central Government will also be applicable in Jammu and Kashmir. However, to make this process completely clear, a policy of state-related RERA (RERA) is necessary.
Anuj Puri, chairman of Enrock Property Consultants, said, “Jammu and Kashmir will have to make its own RERA policy, which may not be the same as other states. There may be its own rules. Property without the benefits available under the rules The question of buying will remain. The government has said that the transaction related to the property comes under the purview of RERA
Tier 2 and Tier 3 cities are emerging as attractive destinations in terms of realty. However, this trend is not uniform due to different economic factors. While there is a huge potential for real estate in Jammu and Kashmir, it will take time to climb the economic activities.
Puri says that the attractiveness of small cities coming under the Smart Cities program has increased. In this program, they are seen ahead of Tier 1 cities. There are many reasons for this. There are many possibilities for them. The challenges for them are also less. < ..
Is this the right time to buy property?
The answer to this question is ‘no’. The reason for this is that there is no clarity in the rules right now. RERA’s policies are also unclear. Experts say that investors should not rush into buying properties in Jammu and Kashmir. The reason for this is that there is still doubt about real estate investment in this area.
Ghulam Jia, Executive Director (Valuation and Advisory, Retail and Hospitality) at Knight Frank, said that in the future there will be a huge potential for development in the area of Jammu and Kashmir. However, this is a completely new market, from which valuation is not known. In such a new market, there are basic problems related to benchmarking.
