Real estate prices sky rocket in Baramulla
Baramulla, Feb 9: The land and real estate prices in this North Kashmir’s Baramulla district have touched a new high.
“A 10×15 shop in the main market was sold at Rs 40 lakh recently,” the locals told Greater Kashmir.
The land prices are also skyrocketing. “In Mohalla Jadeed, the cost of one Kanal of land has reached around Rs 40-50 lakh,” they added.
According to the locals, the prices of land usually depend on the location. “In Mohalla Jadeed, the price of a shop can range from Rs 40 to 50 lakh and similarly for one kanal of land in Kanlibagh, Noorbagh, Kantbagh, Khawjabagh and Kanispora Baramulla, the rates vary from Rs 20 to 50 lakh," said a real estate businessman, Abdul Ahad of Kanispora.
Though boom in real estate business is a global phenomenon, however the pace with which the real estate prices are shooting up in this district has pushed the middle class families to the corner.
"Real estate boom is a reality. But a small group of people is getting benefited from it. The worst affected are the middle class families who are finding it difficult to purchase a piece of land," said Ghulam Qadir of Baramulla.
Experts believe that the latest surge in the real estate prices in Baramulla town is due to the negligence of the successive regimes who has failed to extend the town.
"If there would have been proper development of areas like Janbazpora, Sheeri etc the town could have extended. But unfortunately these areas were never developed with the result people have limited options," said Aijaz Ahmad, an economist.
Lastupdate on : Thu, 9 Feb 2012 21:30:00 Makkah time
Lastupdate on : Thu, 9 Feb 2012 18:30:00 GMT
Lastupdate on : Fri, 10 Feb 2012 00:00:00 IST
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