Land prices have more than doubled officially in Kashmir-but no buyers
Published On: Thursday, July 30, 2020 | By: Team KnowMyStock
In January 2020, the Divisional Commissioner of Kashmir passed orders significantly increasing the market value of residential, commercial, and agricultural land in all 10 districts of the territory for 2020-21. Official minutes of meetings suggest that the hike in land rates were anywhere between five percent in certain districts and 20 percent in Srinagar district. But an examination of new land rates shows that land prices were raised much more than that. The government’s objectives were primarily three. First, incentivise the locals to think of selling their property by massively enhancing their official land values by getting into the base effect play. Second, anticipating a rise in property transactions by opening up its purchase to outsiders, the government would have significantly enhanced its revenues from stamp duty collections.
Third, the Modi government’s plan is to establish townships for certain disenfranchised communities such as the Kashmiri Pandits and newly-domiciled groups like the Gorkhas and families of bureaucrats who have worked for over 15 years in the valley, apart from designating land for armed forces and attracting businesses.
But while there are incentives galore for sellers of land in Kashmir, there are hardly any buyers for obvious reasons.
Tags: Kashmir hike in land rates
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