New Jammu emerges

                                                                                         

The new addresses of Jammu are Greater Kailash, Sainik Colony and Chhanni, the townships that are emerging fast as the new destinations, growing parallel to the 30-year-old established posh colonies of Gandhi Nagar, Shastri Nagar and Trikuta Nagar.

These new townships, emerging fast on the city outskirts along the widening national highway, are witnessing three-folds increase in the residential and commercial land prices.

Sainik Colony had come on the plan outlay of Jammu in 1969 with the constitution of a housing society of the working defence personnel and ex-servicemen, but could not grow for over two decades as the members could not settle down for long. The colony finally began to grow over the last two to three years when the Ex-servicemen Cooperative Housing Society introduced a clause that the householders could resell plots or houses.

This move encouraged the residents of the old Jammu city on the other side of Tawi river to settle down in a new planned township. The prices rose threefolds, leading to a boom in the business.

With 7,000 plots (in Sainik Colony), mostly of 12 marlas, over 50 per cent have been sold, while the rest are being bargained, dictating a price tag of Rs 15.2 lakh for a plot of 12 marlas.

“The price of the same plot was Rs 5 lakh just years back, says 50-year-old Jaswant Singh, the owner of one of the houses in Sainik Colony. His father had bought a plot over three decades back, being an ex-serviceman.

He pointed out that Sainik Colony has come in the Municipal Corporation limits now, which led to development in the area. Secondly, persons from congested and unplanned colonies of old Jammu city preferred to move out to planned colonies after the ’05 earthquake.

Similarly, Greater Kailash is growing adjacent to Sainik Colony but with bigger plots, catching the attention of those in real estate. The prices can be haggled between Rs 1.5 lakh and Rs 2 lakh per marla.

Apart from these two distinct residential colonies, Janipur and Talab Tillo on the other side of Tawi river are also expanding with new housing societies.
Meanwhile, Jammu has got Bahu Plaza, a unique landmark in the form of a modernised commercial complex.

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Source: IndiaRealEstateblog

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