J&K govt announces revised market values, land rates with categorization

Jammu:Close to the heels of new land laws in view of re-organisation of Jammu and Kashmir after the Abrogation of Article 370 and 35-A, the Government has notified the revision of land rates with categorization across the Union Territory.
As per sources, revising of land rates is an annual feature by the respective district administrations but they said that the rates revision in 2021, has also been done keeping in view the Abrogation of Article 370 and 35-A on August 5, 2019 and re-organisation of Jammu and Kashmir on October 31, 2020, to clamp the soaring prices of lands.
Sources in the administration told The News Now that as the land prices have become so expensive especially after Article 370 Abrogation following which the government in its routine exercise, to check the price, have categorized the sale of land as well as fixed the rates according to the locations.
“With Special Status coming to an end in Jammu and Kashmir after Article 370 abrogation and the re-organisation on October 31 last year, every citizen of the country is now entitled to purchase land in any part across the Union Territory,” official sources said.
As the Centre has paved the way for any Indian citizen to buy land and property in Jammu and Kashmir, which completed one year of being designated a Union Territory on October 31, 2020, the Union Home Ministry also ordered that the Real Estate (Regulation & Development) Act, 2016 has been notified in the UT while 12 laws of the erstwhile state have been repealed.
Sources said, “the Act makes it mandatory for each state and UT to set up its own real estate regulator and frame rules to govern the functioning of the regulator. In a gazette notification, the Centre omitted the phrase “permanent resident of the state” from Section 17 of the Jammu and Kashmir Development Act, which deals with disposal of the land in the UT.
“With immediate effect, the Acts mentioned in the schedule to this order shall, until repealed or amended by a competent legislature or other competent authority, have an effect, subject to the adaptations and modifications directed by the said schedule, or if it is so directed, shall stand repealed,” said the order.
The detailed order of land laws and revised duty stamps for 2021 can be read on official websites of Srinagar and Jammu District Administrations while many other districts have yet to update their websites with revised order.
They added that with this clause, the rates of land started soaring but to prevent ‘unwanted’ swelling rates and desired rates by the sellers, the District Administrations in a regular exercise has fixed the rates in their respective jurisdictions.
Jammu District Administration revised the stamp duty in an order issued on December 30, 2020 whereas the Srinagar District Administration issued the similar order on 31-12-2020.
“Idea behind fixing the rates was to provide a fair price of selling land to the people besides not adding burden to the purchaser,” sources said and added that the rates fixed are 5 to 10 percent higher than from the last year.
“The areas especially converted into commercial places have seen spurt in the land prices,” they said and added that the administration has fixed the minimum prices for agricultural, barren, residential and commercial land in every part of the district, which has become effective from January 1, 2021 to December 31, 2021.
“The posh localities like Gandhi Nagar, Shastri Nagar, Channi Himmat, have got impressive rates as compared to other parts of the district,” sources added.
Deputy Commissioner Jammu, Sushma Chauhan, who is also the Chairperson of District Valuation Committee, in an order said that in exercise of the powers vested in terms of sub-rule (2) of Rule-4 of SR0-303 dated 01-10-2011 and SRO-379 dated 2242-2011 of J&K Perpetration and Revision of Market Value Guidelines Rules, 2011 read with SRO-221 of 20113 dated 18-05-2018 issued by the Finance Department J&K Government, Jammu and also on the basis of the approval conveyed by the Divisional Valuation Board under Rule-3 of SRO-379 dated 2212-2011 vide endorsement No. CSSJ/20-21/326-343 dated 22-12-2020 the rates of the immovable property of Jammu District for the Calendar Year - 2021 are hereby notified in the statements appended to this notification,
The order read that it is further notified that in rural areas, the rates of the Un-Irrigated land shall be applicable to the uncultivable land and in urban areas where the nature of piece of land is not already classified as ‘Residential’ or ‘Commercial’, the rates of Residential or Commercial would be applicable to it depending upon the land use of the said land as defined In the Master Plan of the area.
According to fixed rates, they said that for Jammu Khaas, Residential land will have Rs 56.41 lakh to Rs 63.41 lakh per kanal, for commercial land: Rs 93.46 lakhs to rs 126.70 lakhs per kanal.
For Jammu West, Residential land is Rs 48.76 lakh to Rs 92.69 lakh per kanal, commercial land: Rs 81.67 lakh to Rs 178.40 lakh per kanal, for Gandhi Nagar: Residential land: Rs 100.46 lakhs per kanal, commercial land: Rs 178.40 lakhs per kanal.
For Shastri Nagar: Residential land: Rs 64.77 lakhs per kanal, commercial land: Rs 122.96 lakhs per kanal, for Bakshi Nagar: Residential land: Rs 63.41 lakhs per kanal, commercial land: Rs 125.93 lakhs per kanal.
For Talab Tillo: Residential land: Rs 44.17 lakhs per kanal and commercial land: Rs 77.29 lakhs per kanal and for Janipur: Residential land: Rs 47.30 lakh to Rs 54.11 lakh per kanal, commercial Land: Rs 90 Lakh to Rs 105 Lakh per kanal and for Channi Himmat: Residential Land: Rs 80 Lakh to 90 Lakh per kanal, commercial land: Rs 127.60 lakhs per kanal.
Meanwhile in Srinagar, as per section 96 of the J&K Reorganisation Act, 2019, the Centre has the powers to repeal or amend the laws for the application of any law made before the appointed date till the expiration of one year from the appointed date in relation to Union Territories.
In January last year, the Kashmir Divisional Commissioner ordered the market value of residential, commercial, and agricultural land be increased in all ten region districts for 2020-21 in the wake of the reasons that Kashmir, which was designated a Union Territory (UT) directly under India's Central Government's control from August 2019, never saw an official increase in land values of this magnitude.
“For example, Srinagar’s property prices are still between Rs 2,200 and Rs 4,000 per sq ft - much lower for Tier 2 and 3 cities of the country,” sources added.
While locals will eventually see an increase in the value of their properties, another exciting possibility is to inaugurate opportunities for Indians outside Jammu and Kashmir, they said and added, “property prices in Kashmir are among the lowest in India, even lower than the outskirts of most Tier 2 cities. In the major Pantha Chowk area of Srinagar, houses can be purchased for less than Rs 2,300 per sq ft. The area is well connected, and apart from local markets, the place has a stadium and a Kendriya Vidyalaya.”
Prices as per sources, for an independent house of 6 marlas (1,634 sq ft), near Mubarak Mandi in Jammu, are as high as Rs 40 lakh.
In a non-metro capital city, a house at such a location would cost more than Rs 60 lakh, while in a metro like Delhi or Mumbai, it could cost tens of crores.

Updated On 1/10/2021 10:58:56 AM