In the last three years, 185 outsiders purchased land in J&K, the government informs Rajya Sabha
Abrogation of Article 370 leads to increase in land purchases and investments in Jammu and Kashmir
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06-04-2023: According to the Union Minister of State for Home Affairs, Nityanand Rai, 185 people from outside Jammu and Kashmir have purchased land in the Union Territory, including in Kashmir, in the last three years. The information was provided by the government of J&K, which revealed that one person bought land in 2020, 57 in 2021, and 127 in 2022. The increase in land purchases may be due to the appreciation in land prices following the abrogation of Article 370.
Furthermore, the Minister shared that 1,559 Indian companies, including multinational companies, have invested in the UT, with 310 entities investing in 2020, 175 in 2021, and 1,074 in 2022-23. This suggests that the Union Territory is becoming an attractive destination for businesses, leading to increased economic activity and job opportunities.
It is worth noting that the Union Territory of Ladakh reported no land purchases by outsiders or investments by Indian companies in the last three years. This could be due to the region’s unique cultural and geographical factors, which may not be as conducive to outside investments as other areas in the Union Territory of Jammu and Kashmir.
Prior to October 2020, Article 35A had barred outsiders from acquiring properties in J&K. However, new land laws notified by the Centre allowed non-agricultural land purchase by outsiders. This change in policy may have contributed to the increase in land purchases and investments in the region.
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