Real Estate in J&K after the revocation of special status, is likely to increase property prices for locals, even though security concerns may keep prospective property buyers away for now
The Indian Government’s recent decision, to revoke Article 370 and Article 35(A), is expected to have a positive impact on Jammu and Kashmir’s overall real estate market. On the other, the really exciting prospect, is the opening up of opportunities for Indians from outside J&K, to finally invest in immovable property in J&K
Real Estate in J&K and it’s impact
We examine the impact of the revocation of Jammu and Kashmir’s special status under Article 370 and the provisions of Article 35A, on women’s property rights, succession rights of children and avenues for private investment and jobs, followed by housing demand
The Indian Government, on August 5, 2019, revoked the ‘special status’ granted to the state of Jammu and Kashmir, under Article 370 of the Indian Constitution and also repealed Article 35A. The Indian Government has also proposed to split the state into two union territories of J&K and Ladakh. It is an established fact that housing demand follows job opportunities and this has been visible in the tier-1 cities of India. Private investment is a huge catalyst, as it triggers demographic shifts, leading to people migrating for jobs and settlement. The government’s moves, hence, could have far-reaching implications on the property market in the region.
Applicability of RERA in Jammu and Kashmir
Real Estate Law, RERA should be in J&K like in other states like Telangana State RERA. While J&K’s real estate rules came into force in December 2018, the central Real Estate (Regulation and Development) Act (RERA) . RERA rules applied to rest of the country and didn’t apply to J&K.
