Article 370 and 35A removed: result of abolition of article 35A on real estate market of Jammu and Kashmir

On 5^th August 2019, in a historic move, the Prime Minister Narendra Modi led NDA government announced its decision to withdraw Article 370 and Article 35A from the Indian Constitution, which has given special status to Jammu & Kashmir. Following the announcement by Home Minister Amit Shah, the state is now separated into two union territories. Now Jammu & Kashmir is a Union Territory with the legislature while Ladakh is a Union Territory without legislature.

What is Article 370?

Article 370 of Indian Constitution is a ‘Temporary Provision’ which gives special autonomous status to Jammu and Kashmir. Under Part XXI is the constitution of India, which deals with “Temporary, Transactional and SpecialProvisions”, due to this the State of Jammu and Kashmir has been allow the special status under Article 370. All the provisions of the constitution that apply to other states are not applicable to Jammu and Kashmir.

Article 35A gave Jammu & Kashmir government the right to decide who qualifies as a permanent resident of the state and only these individuals were allowed to acquire or own land, can settle and seek government jobs in Jammu & Kashmir region. It clearly means that Non-Kashmiri`s and the rest of the country did not have the right to invest or buy a property or even settle down in the state. However, withdrawing Article 35A would most likely open the door for real estate investments in Jammu & Kashmir from across the country.

What will happen to Jammu & Kashmir and Ladakh now?

After Kashmir’s special status is gone, people from anywhere in India be able to buy a property and permanently settle in the state.

Yes, Jammu & Kashmir will be like any other Indian state or union territory now where anyone can buy or invest in property. But results of the move may take 6 months to a year to dry up and for people to decide is Jammu & Kashmir is a safe address to invest capital. The best time to invest in Jammu & Kashmir would be after the authorities make clear their policies and rules, regarding buying and selling of properties.

We all know very well that Jammu & Kashmir depends massively on the tourism sector. In October 2019, the investor’s summit being planned in Jammu and Kashmir, It may create opportunities in the fields of healthcare, pharmaceuticals, hospital, and agro-processing. Some experts believe that a change in the administration  could support the economy and property market in Jammu & Kashmir. Guesswork often heads to fake price rise and this has already been seen in some parts.

It is too early predict the actual result of abolishing Article 35A on Kashmir’s real estate market. This is highly stressful area and it will take a long time for all uncertainties to be resolved. The fact is that the entire region of Jammu and Kashmir has been an area of controversy for decades. As a result, it would interested in either party investing in waiting mode. A lot will depend on how the political situational there is known.

There are enough people in the state who have been very careful about investing in real estate as the militancy and political situation is not very useful for the citizens of Jammu and Kashmir. I think would be residents of the state who would prefer to take advantage of outsiders first and probably not be afraid to invest immediately.

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Government approved construction of more than 1.4 lakh houses under Pradhan Mantri Awas Yojana (Urban)

The Center on July approved construction of about 1.4 lakh houses under the Pradhan Mantri Awas Yojana. Permission was granted to construct around 1,40,134 more affordable houses for the benefit of the urban poor, taking the cumulative number of houses to be built under PMAY (U) to more than 85 lakhs.

The Union Housing and Urban Affairs Ministry said in a statement that the approval was given at the 45th meeting of the Central Clearance and Monitoring Committee (CCMC) headed by HAA Secretary Durga Shanker Mishra.

Under the sanctioned houses, Uttar Pradesh was sanctioned 54,277 houses, while West Bengal got approval to construct 26,585 houses, followed by Gujarat (26,183), Assam (9,328), Maharashtra (8,499), Chhattisgarh (6,507), Rajasthan. (4,947) joined. ) And Haryana (3,808) under PMAY (U)

The statement further said that a total of 492 projects would cost Rs 6,642 crore, out of which the Center approved financial assistance of Rs 2,102 crore.

Additional Information about Pradhan Mantri Awas Yojana:

Pradhan Mantri Awas Yojana (PMAY) has been introduced by Prime Minister Narendra Modi on 1 June 2015. PMAY scheme is an ambitious project of PM Narendra Modi. It is provided by the Government of India which intends to provide affordable housing to the urban poor. It aims to provide housing for all by 2022, by which time the nation has completed 75 years of its independence.

Under the scheme, affordable houses will be built in selected cities and towns using environmentally friendly construction techniques to privilege the urban poor population. Further, under the Credit Linked Subsidy Scheme (CLSS), beneficiaries under the PM Awas Yojana are fit for interest subsidy if they take a loan to buy or build a house.

Beneficiaries under the Pradhan Mantri Awas Yojana?

A beneficiary family would include a husband, wife, unmarried son and / or unmarried daughters. The beneficiary family should not keep a pucca house in any part of India in his / her name or in the name of any member of his family.

Identify and Select Beneficiaries under PMAY?

The Pradhan Mantri Awas Yojana (U) scheme mainly caters to the housing demands of the urban poor. The scheme provides housing facilities for people living in limited areas of slums, inefficient infrastructure, poor sanitation and drinking facilities.

The beneficiaries of PMAY (U)?

Mainly consist of Middle Income Group (MIG), Low-Income Group (LIG) and Economically Weaker Section (EWS). While the annual income of EWS category Beneficiaries is more than Rs.3 lakhs, the annual income of LIG and MIG beneficiaries is Rs. Can be between 3-6 lakhs and Rs.6-18 lakhs. While the beneficiaries of the EWS category are eligible for full support under the scheme, the beneficiaries of the LIG and LIG categories are only eligible for the Credit Linked Subsidy Scheme (CLSS) under PMAY.

To be identified as an LIG or EWS beneficiary under the scheme, the applicant is asked to submit an affidavit as income proof to the authority.

The term commercial real estate called investment/income property refers to the buildings or land that is intended to make a profit, either from capital gain or rental income on SuGanta Realty Services llp The commercial real estate in India can be categorized in the industrial property, office buildings, hotels, medical centers, malls, shopping centers, retail stores, farm land, warehouses, multifamily housing buildings & garages. In India, buying power of people has improved due to the growing economic situation of India & which is the best cause of rising demand in property investment. One more cause for increasing in the property-investment-demand is that in the great India, it is regarded as the finest investment since it promises high returns & huge profits.