New Delhi: Minister of State for Home Nityanand Rai told Lok Sabha on Tuesday that 34 outsiders have brought land in the Union Territory of Jammu and Kashmir (J7K) since August 2019, according to The Indian Express.
The minister said in response to a written question that the properties bought by people from outside are located in Reasi, Udhampur and Ganderbal districts. While Reasi and Udhampur are in Jammu, Ganderbal is in Kashmir.
Drawing information from the J&K administration, Nityanand Rai was talking about the real estate development in the region after abrogation of Article 370.
Individual businessmen and professionals from Punjab and Delhi have purchased the properties, The Indian Express reported based on sources in the J&K administration.
The plots of lands they have purchased are suited for setting up holiday homes and farmhouses.
An official from the J& Administration reportedly said that land prices have risen since the abrogation of Article 370. Prices went up almost six times with what was available for Rs 3 lakh per kanal now being sold for Rs 18 lakh per kanal.
The report also said there was confidence among investors hoping that peace would eventually prevail in the Valley.
Buying up of properties by outsiders according to the official is a welcome move for setting up bed and breakfast kind of holiday homes partnering with locals.
In December 2021, Nityanand Rai told the House that seven plots located in Jammu division had been purchased by people from outside the Union Territory.
Previously Article 35A barred outsiders from acquiring properties in the region.
In October 2020, the Centre notified new land laws for J&K allowing purchase of non-agricultural land by outsiders. These new amendments, however, are not applicable to the UT of Ladakh, the report said.