KASHMIR’S CHANGING MODULE
Large number of people who wanted to buy a house in Jammu & Kashmir but were unable to because of the erstwhile state’s special status, can finally be able to buy as the real estate market is now open for non-residents. Article 35A, which has been abrogated, allowed the Jammu and Kashmir legislature to define permanent residents of the state and only those who were eligible could purchase land or property. Now, following the reorganization of the state into two union territories – Jammu & Kashmir and Ladakh – people from other states are eligible to buy immovable property.
This paved the way for any Indian citizen to buy land and property in Jammu and Kashmir. Outsiders are now authorized to purchase urban or non-agricultural land. Contract farming is also being permitted on agricultural land. Land acquired by the government for industrial or commercial purposes can now be allowed to be disposed of or sold to anybody. Earlier, only permanent residents of the state could have bought this land. A holder of any agriculture land can construct a house or erect farm building, grain storage, primary processing of agriculture produce, wells or tanks or make any other improvements thereon for residential purpose or agricultural improvement after securing the permission of the Tehsildar concerned.
The relaxations surely open up potential opportunities for the development-led economic growth J&K in the long term. Locals will certainly benefit from an increase in the value of their properties. As the safety is given paramount importance, it is now easy for real estate activity to pick momentum here. Investors should therefore be extremely cautious before investing in such an expensive land and geographies.
Post abrogation of article 370, the situation is stabilized and locals have welcomed the new law, investors would jump at the opportunity. But gradually one may see more investments coming into infrastructure development such as hospitals, schools, colleges, hospitals, tourism sectors and eventually retail and entertainment. Food processing industries can also receive a boost, there could be some opportunities for e-commerce and also the purchasing power and the economy betterment would also take lead. Such positive changes in the Constitution would benefit the valley in multiple ways and it is now absolutely easy for non-residents of the state to come and invest.
