SRINAGAR, NOV 28: In a notable shift in investment patterns, young couples in Srinagar are increasingly turning to real estate as a means to secure their financial future.
Waseem and Nida, a recently married couple employed in the private sector, exemplify this trend by choosing to invest their savings in a plot on the outskirts of Srinagar.
The couple, like many others, sees real estate as a long-term investment given the consistent rise in land values in Srinagar.
“We had some savings and even sold our jewelry to buy a plot. We know that the cost of land keeps on increasing in Srinagar; it will prove beneficial for us in the future,” Waseem explained.
Real estate agents in the region confirm a surge in property investments, with young couples leading the way.
Javid Ahmad Reshi, owner of Reshi Real Estate, noted, “Real estate investment wasn’t much popular earlier in Kashmir. Now people have started investing in this sector. Many colonies and societies are coming up in Srinagar outskirts, which have a very high market value.”
The aftermath of the COVID-19 pandemic dealt a blow to the real estate business in 2020 and 2021, but according to agents, the sector has bounced back in the last one-and-a-half years. “Post Covid, investments are not mostly coming in bigger amounts,” observed Reshi.
Specific areas, such as Soura, Zakura, Parraypora in Srinagar, have witnessed significant growth in real estate. Reshi explained, “It is because the area has commercialised. Many investors buy a plot, build a house, and give it on rent.”
Basharat Ahmad, another real estate agent, highlighted the factors contributing to the newfound interest in real estate. “Improved infrastructure and the growth in the value of land are attracting both local and out-of-town investors. Srinagar, which has undergone a makeover in recent years, has become a prime destination for real estate investments.”
Real estate experts and developers in the region have reported a noticeable uptick in inquiries and sales, particularly from young couples. “Many are looking for properties that offer a combination of picturesque views and modern amenities,” Ahmad added.
As the real estate market gains momentum, it appears that Srinagar’s evolving landscape and economic stability are driving this trend, with young couples taking the lead in shaping the city’s property investment landscape.
Young couples driving real estate boom in Kashmir
