Provision to start works within 24 hours after purchasing land
(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 He had repealed the tenancy laws within a day, reduced GST on fuel to 1 per cent, and responded positively to suggestions to reduce stamp duty as well as GST on housing.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.
Land prices are higher in metro cities like Hyderabad, Delhi, Mumbai and Chennai, when compared to other areas. But land prices in Jammu are not cheap either. To buy a commercial plot here, one has to shell out up to Rs 24 crore per acre. Never expected such a huge cost for land in Jammu. Compared to 15 years ago, Jammu is a different city. The development in this city is at no lesser pace than European cities. The reason is said to be the government’s decision to allow non-locals to purchase non-agricultural land in Jammu. Earlier, outsiders were prohibited from purchasing land in Jammu. But with the introduction of the Jammu and Kashmir Development Act, anyone from India has the opportunity to purchase non-agricultural property in Jammu. With this, many investors are showing interest in buying land in Jammu.
In recent times, the real estate sector is gaining popularity in Kashmir. The main reason for this is the development of infrastructure. In the past, it took 14 to 15 hours to travel from Srinagar to Jammu. With the newly constructed flyovers, travel has been reduced to five hours by road. One can buy a site today and start constructing an apartment tomorrow on this stretch. Such flexible laws have been enacted, which gave a fresh boost to the realty sector. The same road also connects to Vaishnodevi temple in Katra. The Udhampur-Srinagar-Baramulla rail link project, the Jammu-Srinagar expansion, the Delhi-Amritsar Expressway, Katra Expressway, the development of the twin Medi-Cities, establishment of AIIMS, IMS, smart cities and IT parks, have all led to a significant increase in the number of investors in the real estate sector of Jammu and Kashmir.