Why you should not rush to buy property in J&K
On August 5th 2019, Home Minister Amit Shah suggested removing Article 370 and 35A which took away the special status from J&K. With this Jammu and Kashmir has split into two Union territories making Jammu and Kashmir and Ladakh into two different Union territories. After the scrapping of Article 35A, everyone is eligible to buy land in Jammu & Kashmir. It is said that the rates of property in Jammu & Kashmir rose upto 50 percent. While the rates have increased after the removal of the article it still remains quite cheaper in reality. The price of a house in Pantha Chowk area remains lower than the ones in the outskirts of tier 2 cities.
This might be due to different reasons like unavailability of any metro area nearby. The property available in Jammu & Kashmir right now might have cost many times more if it was in a metro area. After the removal of Article 35A, many people showed interest in buying a property in Jammu & Kashmir. You need to be smart with your decision and consider certain things before you make an investment in properties.
What is the situation in J&K right now?
While the law has been passed on the special status of Jammu & Kashmir but the area is still sensitive about it. Some people might not be able to easily accept this decision and there will be some protests. Due to the previously imposed articles on Jammu & Kashmir many property investment firms were not able to buy the properties. Now everyone is waiting for the right time for everything to calm down.
It might also be due to the conflict with the neighboring country Pakistan which shares a border with Jammu & Kashmir. This is one of the reasons why many people are still hesitant about buying a property. Some people are still opposing the new laws which are another reason why no one is ready to take the next step. Until some clarity is offered on this topic, you need to hold back yourself from making any big investment in a property.
How does buying a property in future seems?
Well, you need to take the future into the plan before making an investment in the real estate sector. You need to take the decisions taken by the government into consideration regarding the purchase of property in Jammu & Kashmir. It will have great impacts on your investment and you cannot afford to make any big mistakes. The price of the properties will surely rise significantly in Jammu & Kashmir, according to the experts.
As you already know that Jammu & Kashmir is a place that attracts a lot of tourists every year. Many developers are planning to create a guest house or rental house to start a new business. Offices and stores are also great business startup in Jammu & Kashmir. Earlier due to the influence of Army movements, the residents of Jammu & Kashmir were hesitant to make an investment. But with the removal of such issues, no one worries about such things anymore and you can see a lot of investments.
Is it the right time for you to invest in property?
Now comes the final decision to invest in a property in Jammu & Kashmir or not. Well, you need to take a lot of factors in account before coming to any conclusion. There are lots of uncertainty which might affect your experience of investment in a property. One thing which you also need to consider is how you can take care of the property you are buying in a remote region. If you do not take proper notice of the land then someone might misuse it. Many things can affect the price of land negatively. Even if you consider all the required factors then also you won’t get a guarantee for anything.
All the experts for property investment are saying to wait and watch until you get a clear picture of the investment. Many political scenarios might affect the investment on the property of Jammu & Kashmir. The safety of the people in the region is very important and until you get the assurance you need to wait for the confirmation. Various sectors like real estate, hospitality and businesses are eagerly waiting for the right opportunity to strike a deal. The investment is a positive start in the development of Jammu & Kashmir. The only thing which needs to be done is to ensure that safety should be a top priority.