Govt’s high land rates inflate property prices : The Tribune India

Govt’s high land rates inflate property prices

JAMMU: By selling residential plots at triple the cost, the state government has sparked an inflation in the real estate sector of Jammu and Kashmir even as the segment is witnessing a slump in other areas in the country.

Amit Khajuria

Tribune News Service

Jammu, July 10

By selling residential plots at triple the cost, the state government has sparked an inflation in the real estate sector of Jammu and Kashmir even as the segment is witnessing a slump in other areas in the country.

In 2014, the Jammu Development Authority (JDA) had developed three colonies at Birpur, Kot Bhalwal and Gol Gujral after 18 years. As many as 1,480 plots were allotted to people through a draw of lots. At least 130 plots were also allotted in the Roop Nagar Colony.

The JDA had specified that the applicant should not have any land either in his/her name or in the name of any dependent.

At that point of time, the prices quoted by the JDA were more than triple the actual cost in the locality. Moreover, these prices made private land owners to jack up the price of land in their localities.

“The land rate was just Rs 2-3 lakh per kanal in the Kot Bhalwal area near the JDA colony since 2014, but since the JDA sold it at Rs 1.25 lakh per marla, the rates zoomed in the locality. Now, the prevailing rates for private land are Rs 1.5 to Rs 2 lakh per marla,” said Suresh Sharma, a property dealer.

“Same thing happened in Birpur. The JDA sold land for Rs 2 lakh per marla and now the price is around Rs 3 lakh per marla,” he added.

Similarly, the JDA is constructing 72 flats at Muthi. A three-bedroom flat costs Rs 55 lakh here.

“The prices have been fixed as per engineering cost for flats and for the plots. We constitute a committee which evaluates the cost of the land as per the facilities and location,” said Rajesh Kumar Shavan, Vice-Chairman, JDA.

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