A historic and bold decision was taken on August 5, 2019 by the present government to withdraw the special status enjoyed by Jammu and Kashmir, under Article 370 of the Constitution of India. This was a long pending decision that was required to pave the way for a unified India. There are lots of speculations as regards to investment freedom for development of the state of Jammu and Kashmir. Till now the buying property in J&K was restricted only to the domicile of the state but the new amendment has opened the market and no longer restricted. Jammu & Kashmir though is considered to be one of the most scenic places in the world, investment by outsiders were not allowed and therefore, we did not see any real Estate development happening by private investors. State only has dependency on tourism and some government projects for infrastructure development. The scrapping of Article 370 is expected to attract major investments in the hospitality, health care, Educational, manufacturing, housing, commercial space and Malls. This will being a huge change in the economic activities and generates large employment opportunities to local people.
Article 35A ,did not allow any outsider to buy property nor women were allowed to own property in the state of Jammu and Kashmir even a women who married an outsider , their children were not eligible to inherit any property. Scrapping of Article 35A has brought all people whether a man or women under the same platform as per the constitution of India. With Article 35A being declared void, women may now be able to inherit and pass on their immovable assets to children. The same applies to citizens, who had been displaced due to political reasons.
It is expected that once the situation in Jammu & Kashmir stabilizes and people of the state realize the future benefits, the state will attract investments into all sectors starting with hospitality and move into other areas of development through private placement of funds by real estate Investors and FDI’s. RERA in J&K will have a major role to regulate the market to safeguard property buyers and builders. It is however expected that J&K will see a major change in years to come & shall contribute to the country’s GDP growth.
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