Cash-mir shining? or A valley of value

It’s what millions have been waiting for, for decades. It’s what has been touted as one of the biggest developments in the disputed land — revocation of Article 370. Political ramifications aside, the bifurcation of the state of Jammu and Kashmir into two union territories means several opportunities are set to unlock even as the future of business in the region remains uncertain. This has also led to Chinese whispers of zooming property rates and the social media mill churning fake real-estate advertisements. Truth is, given the instability in the region and pending Supreme Court hearings, investors will wait for at least a year before moving their money to the Valley. The real-estate market is still reeling from a sharp slowdown, and ANAROCK Research reported that housing sales fell by 13% across the top seven cities in the second quarter of FY19 from Q1. On the other hand, Mumbai-based industry lobby group CII has announced that it is partnering with the local government in J&K to organise an investors' summit in October this year to attract investment in the region. Its president-designate and veteran banker, Uday Kotak, said in a statement that "strong efforts from the government and industry, including local businesses, are the need of the hour to raise its growth rate and create new opportunities for employment and livelihoods." Trade body, Assocham, has also announced the opening of a regional office in J&K. Reports of a huge industrial developmental plan aimed at tourism, sericulture, horticulture and food processing industries have also hit the grapevine and companies such as Steelbird, Amul and Lemon Tree Hotels have hinted at possible investments in the region. While the country remains divided over the ethics of the proceedings in Kashmir, the idea of a prosperous Kashmir sure is universal.