Jammu And Kashmir: 185 Non-Residents Bought Land, Over 1,550 Companies Invested In The UT In Last Three Years

As many as 185 non-residents have bought land in Jammu and Kashmir, including in Kashmir, in the past three years, the Centre told the Parliament on Wednesday (5 April).

"As per the information provided by the Government of Jammu and Kashmir, a total of 185 persons from outside the Union Territory of Jammu and Kashmir have bought land in the UT during the years 2020, 2021 and 2022," Union Minister of State for Home Affairs Nityanand Rai said in a written reply to a question in the Rajya Sabha.

Further, over 1,500 Indian companies, both local and multinational, have invested in the UT.

"As per the information provided by the Government of Jammu and Kashmir, a total of 1559 Indian companies, including multinational companies, have made investments in the UT," the minister said.

According to the minister, 330 entities invested in J&K in financial year 2020-21, 171 in FY2021-22 and 1,074 in FY2022-23.

After Article 370 was abrogated, land prices in the Jammu and Kashmir region have risen almost six-fold. Parcels of land that once sold for Rs 3 lakh per kanal are now selling for Rs 18 lakh per kanal, an official was quoted as saying by Indian Express.

Many Investors have confidence that peace will eventually prevail in the Valley, and they believe that investing now will lead to promising business opportunities in the future, the official added.

On Ladakh, MoS Home Rai informed that no land has been bought by outsiders in the UT during the last three years.

“As per the information provided by the Union Territory of Ladakh, no land has been bought by persons from outside the UT during the last three years," he said.

He added that no companies have invested in Ladakh during the aforementioned period.

"As per the information provided by the Union Territory of Ladakh, no Indian companies, including multinational companies, have invested in the UT during the last three years," Rai said.