Land costs hit Rs 24 crore per acre in Jammu!

(King Johnson Koyyada) Jammu and Kashmir is termed as the paradise on Earth, and there is no dearth of people who want to experience the beauty of Kashmir at least once in their lifetime. What if you can purchase a house and live amidst the snowy mountains? Here is an opportunity for those seeking to own a house in the newly formed Union Territory as the local government is encouraging the realty sector by amending the tenancy laws and allowing people from other States to purchase a home. TREDA chief adviser PS Reddy who attended the recent Jammu Real Estate Investors Summit in Jammu, shared his experience with Real Estate Guru and shared information on the status of real estate market. "The land price in Jammu is around Rs 24 crore per acre. Jammu and Kashmir Lieutenant Governor Manoj Sinha is a very tough man. He had repealed the tenancy laws within a day, reduced GST on fuel to 1 per cent, and responded positively to suggestions to reduce stamp duty as well as GST on housing. He believes that only through economic development, jobs will be created for the locals and terrorism can be uprooted completely. As per the new development laws introduced in Kashmir, non-agricultural land can be purchased by people belonging to any State in the country. This was not the case in the past. As a result, demand for second homes or summer homes in Kashmir is steadily rising.