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Land prices have increased several fold over the last twenty years.
Presently, in Kashmir, it is ₹1.5–2.5 crore land where twenty years back it used to be ₹5–10 lakh. This is 15% to 20% CAGR. Investment in this piece of land talks a lot about it.
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Evolution from Consumption to Investment in Education
There is a growing realization of the imperative to invest in education instead of depreciating assets. Most people are now spending on skill development and education, seeking to equip the future generations with the right tools for success.
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Prudent Home Construction Cost
While land prices have skyrocketed, the cost of constructing houses has increased relatively slowly-from something around ₹40 lakh two decades ago to something around ₹1.2 crore today. This paradox makes prudence in the financial planning increasingly imperative-to reconcile construction aspirations with the real financial position to prevent debt burdens.
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Prudent Financial Management
Effective management of finances is becoming a priority, and people are advised to seek professionals they can trust to guide them in their decision-making process in a tryst to achieve financial freedom without mischanneling resources to depreciable assets, like cars, which hardly pay back on investment.
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Environment-friendly and Sustainable Development Increase
With an increase in environmental consciousness, demand for green buildings and ecologically friendly construction has been raised in Kashmir. To meet both the world’s emerging trends and the increasingly environment-conscious buyers’ preferences, developers have been introducing designs, material usage, and energy sources that can be replenished.
These trends indicate a transformational era for the Kashmir real estate market, balanced investment in land, cautious cost approach to construction, strategic focusing on education, and financial prudence.
