Jammu witnesses' real estate boom despite recession

Jammu, Dec 31 (ANI): Despite recession, the real estate sector in Jammu here is witnessing a manifold increase in property prices.

Many believe that the boom could be largely because of the migration of population from different parts of Jammu and Kashmir to the city, due to militancy.

"Jammu city has become centre of migrants. Militancy was the main reason of migration of people from Rajouri, Poonch, border areas and Kashmir towards Jammu. After migration rates of land shot up, a boom in real estate here is but natural," said Kavinder Gupta, the Mayor of Jammu on Thursday (December 31).

With the real sector in Jammu remaining unaffected by recession, an investment in property here is considered to be a safe bet.

"Every sector was hit by recession but there were no alterations in rates of property. Even today property is selling at good rates. People think that there is downfall in rates of property but it wasn't so. There are no changes and even today people prefer to invest in land and moreover it is safe and sound investment," said Aman, a builder.

The boom has also attracted many construction companies like Parsvanath Passion, Ansal Housing and Royal Nest.

With the real estate boom in Jammu, new townships are emerging fast on the outskirts of the city. (ANI)