185 outsiders bought land in J&K in last three years, govt tells Rajya Sabha

“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,” he said.

“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. 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 future. It is a welcome move if people wish to operate a bed and breakfast kind of holiday homes, in partnership with local people,” said an official.

Rai further informed, “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.”

Last year in March, MoS Rai had told the Lok Sabha that 34 people from outside J&K have bought land in the Union Territory — including in Kashmir — since August 2019. “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 after abrogation of Article 370. The properties are located in Jammu, Reasi, Udhampur and Ganderbal districts,” Rai had said. While Reasi and Udhampur are in Jammu, Ganderbal is in Kashmir.

In December 2021, in a written reply to a question, MoS Rai had told Parliament that “a total of seven plots of land have been purchased by persons from outside the UT of J&K (since August 2019). All the seven plots are located in the Jammu division.”

Article 35A barred people from outside J&K from acquiring properties in the region. In October 2020, the Centre notified new land laws for J&K which, among other provisions, allowed purchase of non-agricultural land by outsiders.