After scrapping of Article 370, property price in Jammu and Kashmir will skyrocket. It is speculated that properties in J&K will take off by 50% which will benefit the locals. This will also help the region to develop economically and increase the standard of living.
Article 370 can help increase Property prices
Article 35 A in the constitution prevented outsiders to buy properties in the region. However, revocation of the constitution will open doors for an outsider to invest in immovable property. According to the sources, property rates in Jammu and Kashmir are amongst the lowest in the country.
The cost of buying a property in Mumbai housing market is high as Rs 25,000 per sq feet which is mind-blowing. Even small cities like Meerut has a better value of Rs 3,000 per sq ft. However, this is not the same with Jammu and Kashmir, where property prices seem to be frozen. In most of the regions, prices have been unchanged or gone down in the last few decades.
Could benefit the locals
For example, in Srinagar’s Pantha Chowk area, houses can be bought for a very low price of Rs 2,300 per sq ft. Besides local markets, the place has a stadium and a Kendriya Vidyalaya, but property prices are among the lowest in India than in the outskirts of most tier 2 cities. Just as Pantha Chowk, areas in Jammu too, have a very low property price. A 1,634 ft independent Bangalow costs around 40 Lakh which is very cheap as compared to other cities. A house at such a location in a metro like Delhi or Mumbai will cost around a massive tens crores rupees.
However, scrapping of Article 370 may attract many high net worth individuals from outside to the real estate market in Kashmir. The potential would also help in economic growth in the region. This will benefit the locals to sell their property in affordable prices which will help them grow financially.