The decision to revoke special status for New Delhi Jammu and Kashmir is likely to raise property prices for the locals. Property advisor Enarock gave this information on Monday. Prices in Srinagar had come down to Rs 2,200-4,000 per square foot. However, Enrock has also said in a report that security concerns may keep potential property buyers away from purchasing land property there at the moment.
Anorak President Anuj Puri said in a report, ‘The government’s recent decision to repeal Article 370 and Article 35 (A) is expected to have a positive impact on the overall real estate market of Jammu and Kashmir, which has so far been extremely Was in a hopeless situation. ‘ He added that property prices in Srinagar, for example, are still between Rs 2,200 and Rs 4,000 per sq ft – much lower for other Tier 2 and Tier 3 cities in the country.
Puri said, ‘On the one hand, locals will eventually see an increase in the value of their properties. On the other hand, a really exciting prospect is that there will be increased opportunities for Indians outside Jammu and Kashmir to invest in real estate. The chairman of Enarock mentioned that Prime Minister Narendra Modi in his recent address to the nation invited various industries, including Bollywood filmmakers, to invest in that sector.
Puri said, ‘Even after saying this, it is still too early to estimate the actual impact of this initiative on Kashmir’s real estate market. At the moment, it still remains a highly sensitive area and property buyers may stay away from the market due to security concerns. Once stability is established, it will require ‘RERA’ level regulation. ‘ Meanwhile, Ladakh is a major and highly favored area of tourists which attracts a large number of tourists throughout the year. In the coming months, activities in Ladakh’s hospitality sector may pick up.
