Srinagar: Farhaan and Rukaya got married earlier this year. Employed in the private sector, the couple decided to invest their savings into something productive.
After deliberating for nearly a month, the couple came up with an idea to invest the money in real estate.
“We had some savings and even sold our jewelry to buy a plot in Srinagar outskirts. We know that the cost of land keeps on increasing in Srinagar, it will prove beneficial for us in the future,” Farhaan said.
Like Farhan and Rukaya, many couples have invested in real estate to secure their future with this investment.
As per the real estate agents, Kashmir is witnessing a surge in property investments with young couples leading the way in real estate purchases.
The real estate business suffered a heavy jolt during COVID-19 in 2020 and 2021, which as per the agents has recovered in one – and- a half years.
Agents claimed that with COVID-19, investment in real estate has grown with newly married couples emerging as key investors.
“Real estate investment wasn’t much popular earlier in Kashmir. Now people have started investing in this sector. Many colonies and societies are coming up in Srinagar outskirts, which have a very high market value,” said Zuhaib Ahmad Bhat, owner of Valley Real Estate.
“The couples sell their jewelry and buy a plot, which has a huge market value. The investment goes from a minimum amount of Rs 30 lakhs to more than Rs 70 lakh,” Bhat said.
He said Srinagar’s Parraypora area, has seen a growth of real estate during the recent past.
“It is because the area has commercialized. Many investors buy a plot, build a house, and give it on rent,” Bhat said.
Post Covid, he said the investments are not mostly coming in bigger amounts.
Irfan Ahmad another real estate agent said Kashmir’s real estate market has been steadily gaining momentum, drawing the attention of both local and out-of-town investors.
“Several factors have contributed to this newfound interest, including improved infrastructure and growth in the value of land. Srinagar, which has got a makeover for the last few years, has become a prime destination for real estate investments,” he said.
Real estate experts and property developers in the region have noted a significant uptick in inquiries and sales from young couples. “Many are looking for properties that offer a combination of picturesque views and modern amenities,” he said.