Kashmir unrest results in price hike
Unlike other parts of the country where real estate sector is struggling to recuperate after demonetisation, the continuous unrest in Kashmir Valley has become a blessing in disguise for Jammu as growth has been recorded here in 2018 as investors from Kashmir have shown keen interest in buying proprieties here.
Consequently, the real estate sector has shown some revival this year with land prices, including those of government properties, witnessing a big jump. Property prices in Jammu witnessed a growth of 20 to 25 per cent in 2018. Flats constructed by the private builders were much sought after this year.
According to the Jammu Municipal Corporation (JMC), private builders are regularly coming to them to seek permission for construction of flats. The buyers are preferring flats as compared to plots and built houses.
“Flats are more secure and tension free properties, as we can just lock these and go to the valley during summers. These also save the hassles of constructing a house on one’s own,” said Shabir Ahmed, a resident of Srinagar.
“We are fed up of regular strikes and unrest in Kashmir valley and need a peaceful place to live, but we cannot leave our hometown for it. So having an alternate property in Jammu has become a wise choice for most of the Kashmiris who are now concerned about quality education of their wards in peaceful surroundings,” he added.
As flat culture has picked up in Jammu over the past few years, Jammu Development Authority (JDA), too, has started focusing on this category, apart from selling plots and land to earn revenue. “We have constructed 72 flats in the Muthi area, which were sold in one go and now we have planned for a six-tower project at Muthi . Each tower will have 24 flats, taking the total number to 144 flats, which will be open for sale soon,” said PawanRathore, JDA Vice Chairman. The JDA has also identified 350 kanals in the Majeen area of Sidhra on the outskirts of Jammu city to be handed over to Housing Board to develop a residential colony.