Reality of Realty
Irony at its peak
Militancy displaced lakhs of people in the Valley but the mass migration worked wonders for realty in Poonch
Shariq Majeed
A house in Jawahar Nagar area of Poonch town.
While Jammu and Kashmir battles bullets and bleeds, migration due to militancy has sent land prices spiralling in Poonch, one of the last towns on the Indian side.
Thousands of residents of rural areas, particularly Mendhar, Bufliaz, Surankote and Mandi, migrated to the comparatively safer frontier township.
Following the slow but steady migration, one kanal of land costs as much as Rs 1 crore in some localities of this township. Five years ago, the same land could be bought for somewhere around Rs 30 lakh.
In areas like Muhalla Jarnailley where one kanal cost Rs 10 lakh not very long ago, the current prices hover around the Rs 30-lakh mark. “I bought two kanals of land for Rs 3 lakh in Muhalla Jarnailley about 15 years ago. Now it is worth Rs 1 crore,” says Harbhajan Singh, a cloth shop owner and resident. “In some areas of Poonch town like bus stand area and Muhalla Qilla, the price per kanal of land are as high as Rs 1 crore.”
A view of Poonch town.
Sudesh Misri, who runs a local channel, has sold more than 40 kanals of land in Radio Station Mohalla. “Before militancy, the population of Poonch town was around 13,000. Presently, it is estimated to be between 60,000 and 65,000. The increase in population is solely due to migration of people from rural areas to this urban centre,” he says. “My ancestors were jagirdars (land owners) of Poonch during the British era. We once owned most of the lands in this border township and have been selling the same. Before militancy, one kanal would cost fetch around Rs 1 lakh but now prices vary between Rs 40 lakh and Rs 1 crore depending upon the location in Poonch town,” he says.
Mushtaq Khan, a government employee, migrated from Batta Durian area in Mendhar to Jarnailley Muhalla in Poonch fearing for the safety of his family. “We migrated from our native area to this place due to high incidence of militancy related incidents back home. I bought a kanal of land for Rs 2 lakh. Presently, it is said to be valued around Rs 50 lakh,” he says.