The charm of buying property in Jammu and Kashmir is fading fast. Once seen as a golden chance after Article 370 was removed, the real estate market is now stuck. Prices in Srinagar and nearby towns have stopped rising. New homes are not being built like before. People are not buying as much.
In cities, land costs are almost the same as last year. A plot in Baramulla still costs ₹40 to ₹50 lakh for one kanal. But in tourist spots like Gulmarg, prices jumped 20% because of hotels and resorts. This leaves city areas empty and quiet.
Unemployment is high – around 18% in towns. Many shops have closed. People don’t have money to buy homes. Across India, home sales dropped 23% this year. In J&K, the government spent less on roads and bridges – only ₹2,574 crore by September. This slows growth and keeps buyers away.
Since 2019, outsiders bought 386 kanals of land for ₹130 crore. That sounds big, but it’s just small deals. Not enough to boost the market.
In Jammu, some flats now cost ₹1.9 crore, but most stay empty. People call it a “ghost town” trap. Agents push high prices, but buyers are scared.
The government must act. Build affordable homes. Improve roads. Bring clear rules. Use tourism to grow cities. J&K has huge potential a ₹2 trillion economy waiting to wake up. If nothing changes, the dream of owning a home in paradise will stay just a dream.
