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Amit Khajuria
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 soughtafter 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.
Flat culture takes root
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 Pawan Rathore, 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.
Development authorities on shaky ground
JDA had developed three residential colonies in Jammu in 2015 after a gap of almost two decades out of which only Birpur housing colony was successfully developed. The development of Gol Gujral colony has been challenged in the court of law over a dispute from a particular community and over hundred plots at Kot Bhalwal colony have came under the Ring Road project.
“People are looking for private builders for flats as they are losing faith in the government agencies as the JDA has sold the plots for three times the market price of that area and plots at Gol Gujral were not vacated before the same were sold by the agency. Similarly, people have paid about Rs 1.3 lakh per marla at Kot Bhalwal and when the plot came in the Ring Road project the revenue department has evaluated the land at the rate of Rs 8500 per marla,” said Shiv Kumar, a property dealer in Jammu.
He however, blames the government agencies for inflating the price in the city. “JDA is selling plots for Rs 1.5 lakh per marla through lucky draw system, while the actual price was Rs 2 lakh per kanal (one kanal is equals to 5,440 sq ft), the people will obviously inflate the prices of their landholdings,” he added.
According to dealers, the resale of property within the city dropped in 2018 as people were not willing to sell.
Another property dealer, who refused to be named, said, “Stability in the realty sector in Jammu can be attributed to continuous unrest in Kashmir as the people have started approaching us for residential plots and they are paying a good amount for these as well. With limited plots available within municipal limits, the people have fixed the rates of plots as per their own sweet will”.
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