Only 2 J&K properties acquired by 'outsiders' in 2 years since new rules kicked in | India News - Times of India

Only 2 J&K properties acquired by ‘outsiders’ in 2 years since new rules kicked in | India News – Times of India

NEW DELHI/SRINAGAR: Only two people from outside Jammu & Kashmir have purchased a property each there in the two years since the nullification of Article 370 that took away the erstwhile state’s special status, the Union home ministry informed the Lok Sabha on Tuesday.
Minister of state for home Nityanand Rai, who made the statement in reply to a question from Lok Sabha MPs, said no instance of legitimate buyers facing any impediment in buying properties in the Union territory had been reported so far.
While no details were provided about the location of the properties or the “outsiders” who had acquired them under the new rules applicable to J&K, sources in Srinagar said both were in Jammu division. One of the names doing the rounds apparently runs a company with interests in real estate and liquor.
Sources said several four and five-star hotels in J&K Bank’s list of loan defaulters could now be potentially auctioned off to outsiders as commercial properties under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act of 2002.
Prior to the nullification of Article 370, outsiders weren’t allowed to buy land in J&K. The protection clauses were so strict that even women from Kashmir who married outsiders would lose their right to property in their native land.
The laws have subsequently been revised, allowing outsiders to purchase non-agricultural land in the UT. But according to a J&K government spokesperson, caveats on transfer of agricultural land would save 90% of them from being sold to outsiders.
Agricultural land may be sold to only domiciles, defined as ones who have been residents of J&K for a minimum of 15 years, have studied for a period of seven years and appeared in Class 10 or 12 exams from registered educational institutes, or are children of central government and PSU employee who have served there for a period of 10 years.
Not only can women who marry outside J&K now retain their domicile status and rights to property, even their spouses are entitled to claim domicile certificates.

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