Article 370 News update: Investor summit in Jammu and Kashmir set to attract funding

Article 370 News update: An investors meet has been announced in Jammu and Kashmir that will take place in October 2019. This good news comes just as week after article 370 has been made redundant. Indian investors and entrepreneurs are of the opinion that Jammu and Kashmir tourism that contributes 15 per cent of the state GDP and creates 50 per cent of the job opportunities in J&K, would be the ultimate winner in this summit. However, they say that infrastructure development in the state will have a trickle down effect in the emergence of other sectors like real estate, hospitality etc.

Speaking on the developments in J&K Ajit Panda, Founder at Spaciya Advisors said, "Abolition of article 370 and 35A would certainly open the flood gates for investment into real estate, hospitality and tourism in J&K. It has its own attraction quotient and will drive people who are looking at second homes. We have already seen heavy demand for second homes in scenic places. The real estate prices in J&K is one of the lowest in the country. However, investors will hold their breath for the dust to settle and watch course before putting in money. It is a highly sensitive region and it will take some time to clear up the sentiments."

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Dr. Niranjan Hiranandani, Senior Vice President at ASSOCHAM added, "The significant move (Jammu and Kashmir investor's summit) in theory opens up potential opportunities for the development-led economic growth in the Union Territories of J&K and Ladakh. This incredible move will translate into revocation of the ban on the real estate on the property by the people outside the state. This will provide an impetus to the growing economic growth of the largest democracy and fetch better employment opportunities contributing to the nation’s projected GDP growth."