J&K throws open local real estate to all citizens of country

Offers ‘second homes and summer homes’; major push to attract investments

The Centre and the Jammu and Kashmir Union Territory governments, at the first ever ‘J&K Real Estate Conference’ held in Jammu on Monday, have decided to throw open local real estate for “second homes and summer homes” to all the citizens of the country, in a major push to attract investments from real estate bigwigs.

According to the official summit document, Jammu and Kashmir has become a promising yet untapped destination for the next wave of growth and prosperity. “Under the newly introduced Jammu and Kashmir Development Act, the term ‘being permanent resident of the State’ as a criterion has been ‘omitted’, paving the way for investors outside Jammu and Kashmir to invest in the Union Territory. As a result, any citizen of India can buy non-agriculture land in Jammu and Kashmir,” the document said.