New Delhi / Srinagar: Only two people from outside Jammu & Kashmir who have bought their respective property in two years since the nullification of Article 370 which took the special status of the State of the ESTWHILE, the Ministry of the Houses Union told Lok Sabha on Tuesday.
The state minister of Nityanand Rai, who made the statement in response to the question of Lok Sabha MPs, said that there were no examples of legitimate buyers who faced obstacles in buying property in the United States have been reported so far.
While there is no detail provided about the location of the property or “outsider” that has obtained it under the new rules that apply to J & K, the sources in Srinagar said both of them were in the Division of Jammu.
One of the names that did the round apparently run the company with interest in real estate and liquor.
Sources say some five-star hotels in the list of Defaulter Loans J & K Bank can now potentially be auctioned into outsiders as commercial nature under Securitization and Reconstruction of Financial Assets and Security Interest (Sarfaesi) in 2002.
Previous nullification Article 370, outsiders are not permitted To buy land in J & K.
Protection clause is so tight that even women from Kashmir who are married to outsiders will lose their rights to property in their original land.
The next law has been revised, allowing outsiders to buy non-agricultural land in UT.
But according to a government spokesman J & K, the warning about the transfer of agricultural land will save 90% of them for sale to outsiders.
Agricultural land can be sold to only domiciled, defined as a resident of J & K for a minimum of 15 years, has studied for a period of seven years and emerged in the 10th or 12th grade test from registered education institutions, or children from the Central Government and the PSU employees who were has been serving there for 10 years.
Not only women who are married outside J & K now maintain their domicile status and rights to property, even their partners have the right to claim the domicile certificate.