Have you yet got a call, a WhatsApp message, or someone telling you, what a fantastic time it is, to buy property in Kashmir? With Article 35A revoked, you now have a golden chance of owning a slice of heaven on earth, at throwaway prices. The dust is far from settled in the newly carved out union territory of Jammu and Kashmir (J&K) and the opportunities are galore.
In an interview to CNBC-TV18, Anuj Puri, chairman of Anarock Property, Tarun Bhatia of National Association of Realtors India, and Jayshree Chandra, partner at Zeus Law, discussed whether there is scope for brave hearts to venture into Jammu and Kashmir and own a piece of land or a home in one of India's most stunning territories.
Anuj Puri said the landmark action by the government has created a fantastic opportunity in Srinagar, where there are no big brands to serve the huge population. "A city like Patna has 5 Big Bazaar stores, Bhuvneshwar has 5 Big Bazaars, and here in Srinagar, there is not even one store. So, clearly there is a huge amount of opportunity for the business,” he added.
Speaking from the legal aspect of buying property in J&K, Jayshree Chandra said, given the J&K's strategic location and history after independence, the government must already be considering framework, which will bring about restrictions and limitations for buying of various kind of land assets or property assets in J&K.
Tarun Bhatia said there could be immense opportunities in the long run, but currently, businesses are cautious about security concerns. "We are not sure what kind of property documentation takes place in Kashmir and there is no RERA at the moment. So, all this will take some time,” he added.
“Our counterparts in J&K are receiving a lot of queries from investors throughout the country, but I believe these are all short term investors and they are trying to make a killing. I would suggest everyone hold on to their horses and let things come out more clearly,” he added.