For the first time, the Jammu and Kashmir Real Estate Summit 2021 was hosted in the Union Territory. During the Summit, 39 real estate memorandums of understanding (MoUs) totaling Rs, 18,900 crores were inked.
The center and the J&K government convened the first-ever real estate conference in
Jammu
to urge individuals from around the nation to purchase property or a second house in
Jammu and Kashmir. Outsiders – individuals who are not defined as 'legal residents' – were formerly forbidden from acquiring or holding land, but this was modified once the center
repealed Article 370 in August 2019, erasing J&K's unique status. Local demonstrators and provincial political groups have charged the epicenter of 'foreclosing on J&K.'
The administration, calling it a 'historical revolution in J&K,' said it has modified regulations to allow for external investment in the
state, such as the acquisition of non-agricultural property. The J&K administration, led by
Lieutenant Governor Manoj Sinha, amended land-use regulations last week, allowing agricultural land to be reclassified for non-agricultural purposes. Regional groups were outraged by the decision, claiming that the property will be used to accommodate non-locals.
Following the abolition of special status, the center recently informed Parliament that just seven parcels of the property had been acquired in
J&K. Allowing individuals from outside J&K to acquire land in the UT was one of the BJP's and the center's key talking points, but that does not appear to be the case so far. Given J&K's huge unemployment, opposition parties have pushed the government to prioritize job creation above investment.
