Srinagar, July 7: The fledgling real estate sector continues to bleed in Kashmir with people desperately trying to sell off their property even at discounted rates.
Land, houses, and other properties are facing a sluggish demand in the market. Most of the people had invested in property hoping to cash in on the booming market. However, the business outlook has completely changed in the last few months.
Local real estate agents and property dealers are staring at huge losses as buyers are very hard to come by.
“Almost 75 percent of clients are selling properties. There are very few who want to buy property this time around. It has been persisting in Kashmir for the last few months. I think people don’t have enough money to invest in real estate following which, the sector is not witnessing any major activity,” said Zuhaib Ahmad, owner of, Valley Real Estate.
He pinned hope for the revival in the coming months. “For the last few days, we have been getting some clientele but the number is very low. In coming months, we may witness some activity in the sector,” Zuhaib said.
The sluggish demand in the real estate sector has also exerted downward pressure on property prices across various segments. “The rates of properties too have come down. Those who aspire to buy offer low rates compared to the worth of a property. There is a very sluggish demand for properties in the valley,” Zuhaib said.
Tariq Ahmad Khan, another property developer said the demand has come down by more than 35 percent.
“Potential buyers are adopting a wait-and-see approach, leading to a mismatch in supply and demand. Even if we get queries, very few among them materialize,” he said.
Khan said the market might stabilize if there is an improvement in the region’s economic environment. “For a healthy real estate market, confidence among buyers is crucial. Addressing the underlying issues of economic stability could help balance the market dynamics.”