J&K Government approves new housing policy
The J&K Administrative Council, which recently met under the chairmanship of (Ex) Lieutenant Governor C Murmu, has sanctioned a proposal of the Housing and Urban Development Department for adoption and notification of the Jammu and Kashmir Housing, Affordable Housing, Slum Redevelopment and Rehabilitation and Township Policy 2020. The first of its kind related to building dwellings in J&K, the policy is part of a broader vision to meet the growing requirement of housing in the Union Territory (UT).
Read more on the policy highlights...
In other developments, the shifting of the land registration process in J&K from the judiciary to the Department of Registration created after the nullification of Article 370 has brought in earnings worth Rs 1 billion in stamp duty and registration fees.Since the creation of the department as part of the transition from state to UT, 77 sub-registrars have been appointed and nearly 25,000 land registrations done. However, the prices and sentiment are yet to pick up pace. Players already present are not witnessing any significant volumes.
With regard to the housing policy, arranging finances and acquiring land are proposed to be accomplished by taking recourse to PPP. In simple words, the project needs private investment on a big scale besides funding from the Centre.
There are concerns about the policy being too optimistic in its target. The key to its success, ultimately, lies in the involvement of private players and efficient execution.
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If approved, the proposal could unlock 80 to 100 acres of land.
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