Real Estate investment march in J&K has its own speed breakers

Arun Joshi

By Arun Joshi

Jammu and Kashmir are now open to investment from outside the Union territory by providing land and other resources to investors to achieve two goals: transforming the region’s economy and building stronger bridges between the place and the rest of the country in revived after Article 370. This is the official claim.

For Jammu and Kashmir, which had remained closed to outside entry for investment in the location because of legal restrictions on land acquisition and construction infrastructure, this provided a great opportunity to profile the economic goals for large commercial buildings, and thereby the Enrich the economy and create jobs.

This became clear when J&K held its Real Estate Summit on December 27th in Jammu, J & K’s winter capital. 18,300 crore that day, which creates hope that things will change at J&K.

The MoUs were signed in the areas of housing, industry, hospitality, entertainment and finance. These invoked the participation of the country’s most famous groups such as Signature Global, Samyak Group, Raunak Group, Hiranandani Constructions NBCC, and Chalet Hotels. Raheja Developers, Goel Ganga, GHP Group and Shree Naman groups.

The government sponsored event sent a clear signal that things are going to change at J&K, despite fierce opposition from some quarters. The government, it seems, is determined to bring the investment to J&K at all costs, perhaps to integrate the region’s land and outside money to build the infrastructure that looks attractive to and entices people to do to accept it as a march on their journey of previously unseen progress and prosperity. That is why the big names of the country appeared at the event, which fascinated the general public who saw it and later read about it.

That summit awakened Jammu with the new reality that there is a world outside of their realm of thought. Jammu, in particular, is interested in outside investment because it believes that his land, which is barren in several parts of the region, can be used for development, which in turn benefits the masses.

Jammu and Kashmir, which had been a politically unstable place since 1947, remained development-deficient states, now UT. The current stability that is being sold to the outside world is owed to the central rule. There is no indigenous political connection to the economic activities that are being undertaken, and even local business institutions have not been taken into account. This is the fundamental flaw in this policy.

Politics in Jammu and Kashmir, whether it was a state or is now the territory of the Union, is not like any other state / UT in the country. Narratives are changing, and Kashmir recognizes that, despite the high proportion that the world makes up for the Indian economy, the place has its own geostrategic position. The economy has not been able to achieve what it should be because of external factors, some of which still exist; Pakistan has its gaze fixed on the place, and being a majority Muslim it has its own connection to the Islamic world.

That is why the protests against the real estate ambitions of the developers in J&K have already begun in Kashmir. Surprisingly, these protests were staged by parties that are close to the Union government and are seen as allies of the BJP in the post-election scenario.

As the state removes all barriers, allows investors to purchase all types of land, including agricultural land, and abolishes the domicile clause for land purchase and property construction, the political turnaround may curb this development. This is mainly because the locals are not on board. This is the greatest speed breaker.