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Jammu Property Market Trends
Investing in the real estate sector has always been a safe option for years together, and with greater fluctuations in stock markets and mutual funds, folks are keen on investing in properties more than ever before.
But, the problem is that prices in metropolitan states like Mumbai, Delhi, and Bangalore have gone so high that venturing into an investment may require long waiting periods to reap good returns. The opportunities for builders and investors in developing areas are more than the already developed cities.
The fast growth in developing states will be a direct proportionate to the growing economy as it will return a huge investment to developers. Cities like Jammu, Ranchi, Cuttack etc. are on the path to expansion, and are the best for you to invest in, at the moment.
Jammu is located on the banks of Tawi River in the Himalayan path, and is one of the most famous pilgrimage tourist places in the country. The city is famous for ancient temples, beautiful landscape, castles, shrines, forts and attractive gardens.
Apart from the scenic beauty that Jammu offers, the city has acquired primary industries, like crafts, tourism, and Kashmiri dry fruits. Jammu real estate scenario is fast changing with the development of modern high-rise complexes, apartment, flats and integrated townships.
The new addresses of the city are Sainik Colony, Kailash and Chhanni, and all are emerging at a good rate as new destinations available in the city, growing parallel to the posh colonies of Trikuta Nagar, Shastri Nagar and Gandhi Nagar. These new areas are growing fast on the outskirts of the city, along with the widening national highways, resulting in 75% increase in the commercial and residential Jammu property prices.
The winter capital of the state is a favourite stop for thousands of devotees due to the presence of the holy Vaishno Devi temple. For those who visit Jammu, it becomes almost imperative to witness the holy deity. At present, the city has also acquired the status of being an important center for trade and manufacturing, considering its excellent and proximity connectivity with all important North Indian cities.
Property Price Trends in Jammu
The nationwide trend of contemporary housing schemes has become an important feature of Jammu real estate. The first integrated township of the city, Ansal Town, was built by AHCL developers. Now they have launched a project of villas, flats, complexes and apartments, and even a 3BHK flat is available at affordable rates.Yet another famous developer, United Buildtech is offering a flexible range of flats/apartments, ranging from 2BHK to 5BHK.
Rates of residential plots in Greater Kailash and Sainik Colony have doubled over the past 2 years. These areas are seen to be developing at accelerated rates after the Jammu Municipal Corp (JMC) extended their limits here.
The monthly rent of a 1000 square feet 2BHK residential rental house on the main road of Subhash Nagar is around Rs. 10k, while a 1500-2500 square feet commercial property is available for a monthly rent of Rs. 40k.
A 1200 square feet 3BHK residential apartment in BC Road, Jammu, is available at Rs. 40 lakhs (i.e. Rs 3300 per sq. ft.). A newly built well furnished 3000 sq. ft. 3BHK flat in Channi costs in the range of Rs. 45-50 lakhs (Rs. 1500 per square feet).
A 3000 sq. ft. residential land in Suraksha Vihar costs around Rs. 26 lakh (Rs. 900 per sq. ft.), while a land in Bakshi Nagar costs Rs. 700 per sq. ft.
The price of independent houses or villas are reasonable- a 2BHK independent home of built up area 1090 sq-ft in Durga Nagar costs only Rs. 27 lakh ( less than Rs. 1000 per square feet), while 5BHK independent villa in Satwari would cost more than Rs. 50 lakhs.
A commercial/industrial land at Jaipur of 5410 sq. ft. area will cost Rs. 1.5 Crore (Rs 2750 per sq. ft.), and the price of commercial property in Patnitop and Bari Brahmana would cost Rs. 1000 per sq. ft. and Rs. 850 per sq. ft., respectively.
The city has now got Bahu Plaza, a unique landmark in the form of luxurious and well built commercial complex, just like other modern complexes in the country.
Investment in Jammu real estate has been restricted to the permanent citizens of the state Jammu and Kashmir, but property rates have followed the common trend prevailing in the rest of the cities of the nation.