The unregulated real estate sector in Jammu and Kashmir has led to a chaotic and often exploitative environment. While some developers and investors exploit lax regulations and loopholes, the broader consequences include unplanned urbanization, price manipulation, legal disputes, and a loss of public trust.
Lack of proper urban planning
The absence of strict zoning laws has led to haphazard urban expansion, resulting in traffic congestion, inadequate drainage, and loss of open spaces. Srinagar, for example, suffers from poor urban planning, where commercial establishments, residential areas, and public infrastructure develop without coordination.
Price manipulation & speculation
Without regulation, developers and brokers artificially inflate property prices, making ownership unaffordable for many. Land hoarding by investors leads to skyrocketing real estate prices benefiting a select few while pushing middle-class buyers out of the market.
Violation of building norms
Unauthorized construction is rampant due to a lack of enforcement, creating safety hazards. Many buildings violate height restrictions, fire safety norms, and environmental guidelines, posing serious risks to residents.
Exploitation of homebuyers
In the absence of consumer protection laws, homebuyers often suffer from delays in project completion, hidden costs, and poor-quality construction. Many unfinished or abandoned projects leave buyers stranded, with no legal recourse due to weak regulatory oversight.
Corruption & land mafia influence
Illegal land acquisitions and bribes drive the real estate market, benefiting a corrupt nexus of officials, developers, and politicians. Encroachments on government and forest land are common, leading to environmental degradation and legal disputes.
Lack of standardization & transparency
Unlike other states, rera (real estate regulation and development act) is not effectively implemented in J&K, leaving buyers vulnerable to fraud. Many real estate transactions still rely on verbal agreements, leading to disputes and legal loopholes that favor developers over buyers.
Inadequate infrastructure development
Unplanned real estate expansion burdens existing infrastructure, leading to severe traffic congestion, water shortages, and erratic power supply. In areas like Srinagar, malls and housing colonies come up without ensuring proper roads, parking spaces, or drainage systems.
Agricultural land hoarding & unauthorized colonies
Thousands of kanals of prime agricultural land (abi awal) have been purchased by land mafias but lies unutilized, waiting for price hikes and illegal conversion into residential colonies. This unregulated land banking contributes to food insecurity, loss of fertile land, and unauthorized urban sprawl, further worsening infrastructure challenges.
Way forward
To bring transparency and order to the sector, the following steps are essential:
- Strict implementation of rera to protect buyers and ensure project accountability.
- Digitization of land records to prevent fraud and improve transparency.
- A comprehensive master plan for urban development to regulate construction and avoid chaotic expansion.
- Consumer protection laws to safeguard homebuyers from fraudulent deals and unfair practices.
- Crackdown on corruption and illegal land dealings to restore public trust in the sector.
- Restrictions on converting agricultural land into real estate without proper approvals to preserve fertile land and prevent land mafia exploitation.
Conclusion
The unregulated real estate sector has become a matter of convenience for developers, investors, and corrupt officials, but it comes at the cost of urban chaos, inflated property prices, loss of agricultural land, and declining living standards for ordinary citizens. Regulation, enforcement, and planning are crucial to ensuring sustainable, transparent, and fair real estate practices in Kashmir.
(The author can be reached at: [email protected])
