The Government of India made a historic move and revoked Article 370 which granted special status to Jammu and Kashmir. As soon as the announcement was made in the Parliament by the Home Minister Amit Shah, messages offering land for sale in Jammu and Kashmir started spreading like wildfire on social media. Many advertisements are being circulated widely on social media, that apparently asks people to 'Book Your Land In Kashmir'.
Fraudulent Property Ads Flood Social Media
Though the new development on principle allows people from other states to buy property in J&K, these advertisements posted on social media are hoaxes. Yes, THEY WERE FAKE. However, it is true that Jammu & Kashmir (J&K) will be like any other Indian state or union territory now where anybody from anywhere in India can buy a property.
End of special status: Good news for displaced citizens, women
Earlier, as per the Article 370, Jammu & Kashmir (J&K) residents live under a different set of laws, including those related to ownership of property, citizenship, and fundamental rights, as compared to other citizens of India. This implies that people from other states cannot purchase land or own a property in Jammu and Kashmir. But now, with the special status set to go, anybody from anywhere in India is now entitled to buy a property and settle permanently in the newly carved Union territory. This also means that females will get their right to property even if they decide to marry an individual who is from another state. Moreover, the displaced Kashmiri Pandits can think of returning to their homeland, buying property and settle down in Jammu and Kashmir.
The Current Situation
The end of special status does not mean the door for real estate sector has opened just as yet. Given the present law and order situation, high-security deployment and several other restrictions, it is practically unlikely for property buyers to buy land in Kashmir, immediately. As it is a highly sensitive region and the region is quite disturbed due to conflicts between India and Pakistan, real estate activity has been limited in the past.
In the current scenario, realty developers are already in distress. They are unlikely to bring their realty projects beyond key cities. Investors would be cautious before investing money in the property of these ‘disturbed’ markets. They will watch how the situation in Jammu & Kashmir (J&K) evolves over the next 12 months.
Hari Mohan Sharma, Director of Sales, Clicbrics “it would take some time for investors to gain confidence in the real estate of J&K. For now, only those who are early risk takers and see potential in the region will take the plunge.”
Real Estate In J&K: What Lies Ahead
Having said that, once the dust settles, it may surely open up potential opportunities for the development-led economic growth in Jammu & Kashmir (J&K) expecting a surge in investments in hospitality and tourism segments followed by residential, commercial and retail segments.
Conclusion: Wait For The Clouds To Clear
In due course, buying property in J & K may become easier but for the time being, investors need to extremely cautious before investing in these border areas. Even with the scrapping of Article 370, Jammu & Kashmir (J&K) would continue to remain volatile for some time. All this may take a while to change. Unless and until the socio-political situation stabilizes, investors should not rush into the deal and should wait till they get all the facts right.