Okay, before rushing to buy land in Jammu Kashmir, be extremely vigilant of fraudulent. Already news is surfacing about fake advertisements selling real estate in the state. Don’t believe everything you see.
Now, coming to your question…
(Courtesy: Zee News)
Since Article 370 has been removed and Jammu Kashmir is now a part of the Indian union, anyone can buy properties there.
Earlier, Article 370 and 35(A) barred the non-residents from buying property in the state. This kept the real estate market there quite stagnant. The price of the houses in J&K is as low as Rs 2,300 per square feet.
(Courtesy: India Today)
Yes, the properties in Jammu Kashmir are very underpriced at present. And with Article 370 removed, a rush of investors is expected.
Of course, if you want to buy land in Jammu Kashmir, you’ve got to find a (reliable) real estate investor there – and NOT go and hunt properties yourself.
But there are a few challenges you must be prepared for.
Like mentioned already, since there would now be a rush of investors, the chances of fraud significantly increases. So, you’ve got to be cautious of this. Don’t fall for the advertisements. Don’t hire any agent you come across.
Next, your property investment in Jammu Kashmir might not return you with the desired reward. The state continues to struggle with slowdown. The economy isn’t booming. Before investing, you’ve got to factor the internal economic determinants – will there be economic growth and development there? If not, purchasing property in J&K might not be a good choice for your portfolio.
And let’s not hush away the security factor. With Article 370 removal likely against the will of Kashmiris, there could be plenty of security and social troubles lying ahead. Moreover, the locals there might not be very accommodating to the people from outside the state as they might see this as a threat to their culture.
In the end, the situation in Jammu and Kashmir remains uncertain, which directly affects its real estate market.
So, before you invest your money there, be certain that you have done your research thoroughly.
Hope this answers your question.