Want to buy property in Kashmir?
Earlier, the right to buy a home in Jammu and Kashmir was exclusively reserved for its permanent residents. However, with the revocation of the special status in 2019, even non-residents are allowed to invest in Jammu and Kashmir. Resultantly, the State has emerged as a promising real estate investment destination. The Centre has put Jammu and Kashmir on the real estate map of India by allowing any Indian citizen to buy land in the union territory where non-residents could not buy immovable property until a year ago. On October 27, the government notified the Union Territory of Jammu and Kashmir Reorganisation (Adaptation of Central Laws) Third Order, 2020, omitting the phrase “permanent resident of the state” from Section 17 of the Jammu and Kashmir Development Act. This section deals with the disposal of land. The Centre is continually pushing for development in the valley. The Government has started rolling out favourable industrial policies, and as a result, the nascent residential sector of the valley could see some price rise. Moreover, the proposed development of a resort and a luxury hotel in Jammu and Kashmir by the Maharashtra and the Karnataka governments, respectively, will boost the tourism sector and allow more private players to invest here. Furthermore, following the reorganisation of the State into two Union Territories, Jammu and Kashmir and Ladakh, the amended land laws have done away with the restrictions on the purchase of farmland by non-Jammu and Kashmiri agriculturists. Also, there is no restriction on the area to be utilised for housing or shops. The real estate sector has welcomed the move, saying developers may launch projects in the union territory, with the picturesque Kashmir Valley emerging as a favoured second-home destination. People who dreamt of owning a house in Kashmir would invest in affordable as well as luxury segments. It would further boost tourism that remains a significant pillar of the economy. © Money Control & 99 Acres