According to information released by the Centre on Wednesday, 185 people from outside of Jammu and Kashmir purchased land in the Union Territory in 2020, 2021, and 2022.
“As per the information provided by the government of J&K, a total of 185 persons from outside the Union Territory of J&K have bought land in the UT during the years 2020, 2021 and 2022. One person bought land in 2020, 57 in 2021 and 127 in 2022,” Nityanand Rai, Union Minister of State (MoS) for Home Affairs, informed the Rajya Sabha in response to a written query.
He continued, “As per the information provided by the government of J&K, a total of 1,559 Indian companies, including multinational companies, have made investments in the UT. 310 entities have invested in 2020, 175 in 2021 and 1,074 in 2022-23.”
“As per the information provided by the Union Territory of Ladakh, no land has been bought by persons from outside the UT and no Indian companies, including multinational companies, have invested during the last three years,” he added.
“Following the abrogation of Article 370, land prices in J&K have appreciated almost six times. Plots available for Rs 3 lakh per kanal are now selling for Rs 18 lakh per kanal. Many people are investing with the future in mind,” stated an official.
He noted, “There is confidence among investors that peace will eventually prevail in the Valley and that investments made now will lead to profitable business opportunities in the future. It is a welcome move if people wish to operate bed and breakfast kind of holiday homes, in partnership with local people.”
34 individuals from outside of J&K have bought land in the Union Territory, including in Kashmir, since August 2019, the minister revealed in Lok Sabha in March of last year. “As per the information provided by the Government of J&K, 34 persons from outside the UT of J&K have bought properties in the UT of J&K after the abrogation of Article 370. The properties are located in Jammu, Reasi, Udhampur and Ganderbal districts.”
MoS Rai told Parliament in a written response to a query dated December 2021 that ‘a total of seven parcels of land had been bought by people from outside the UT of J&K. (since August 2019). These seven plots are in the division of Jammu.’
Article 35A prohibited outsiders (non-J&K residents) from purchasing real estate in the region. After the abrogation of Article 370 in 2019, new land rules were announced by the Center for the UT in October 2020, and they permitted outsiders to own non-agricultural property in J&K and Ladakh.