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The revocation of Article 35A, which debarred non-residents from buying property in the state, may open the doors for outsiders to invest in immovable property within the union territory.
On Monday, the Union government moved to dilute Article 370, which grants special status to Jammu and Kashmir, and Article 35A, which allowed permanent residents of J&K exclusive rights over land and jobs.
This means that once passed in Parliament and notified, anyone from any other part of India would be able to buy immovable property and settle down in J&K, which is now a Union Territory like Delhi and Puducherry.
Though the new development on principal allows any citizen of the country to buy property in J&K, it is too soon to consider buying in Kashmir.
Social media however is abuzz with advertisements about buying land in Kashmir at cheap rates.
Please be warned that these are hoaxes and not real!
Should you want to wait for the right time to buy property in Kashmir, here is a glimpse of the prevalent rates.
Property prices in Kashmir are among the lowest in India, even lower than in the outskirts of most tier 2 cities.
In Srinagar’s prime Pantha Chowk area, houses can be bought for as low as Rs 2,300 per sq ft. The area is well connected and besides local markets, the place has a stadium and a Kendriya Vidyalaya,
In Pacci Dhaki area of Jammu too, near Mubarak Mandi Palace, prices are equally low at Rs 40 lakh for a 6 marla (1,634 sq ft) independent house. Proximity to historical places and market areas has not helped improve property prices in Jammu and Kashmir where people from outside the state cannot buy land or property. A house at such a location in a non-metro capital city would easily cost upwards of Rs 60 lakh, while in a metro like Delhi or Mumbai it could cost in tens of crores.
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I want a 1000sqft plot in gulmarg