Experts bet on J&K real estate market

The realty market of J&K is now open for non-residents. All standard rules and regulations of the Central government will apply in J&K, however, a state RERA policy must be formed to make the procedure and rules explicitly clear, said Anuj Puri, Chairman, ANAROCK Property Consultants. The region will have to formulate its own RERA policies, which may not be similar to that of the other hill states, which have their own laws. Without the benefit of regulation, the entire question about property purchase remains wide open as the government has decreed that property transactions need to fall under RERA ambit. As such, it is still early and investors must await the announcement of a regulatory body governing real estate in the region. While tier 2 and tier 3 towns are increasingly becoming attractive realty destinations, the trends vary with the specific economic drivers. While J&K may have huge potential as a real estate destination, economic activities are yet to shape up properly. Experts suggest that investors should not take hasty decisions as the region's viability as a real estate investment destination is still doubtful and some lacunae still exist opined Executive Director - Valuation & Advisory, Retail & Hospitality at Knight Frank, Gulam Zia.