Real estate in Srinagar’s Lal Chowk area is booming again. Here is why

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Ziraat Times
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The new parking space at the Residency Road, former SMG premises – Photo: Binish (ZT)

Srinagar, Aug 31: Business is picking up and real estate prices in Srinagar’s city centre areas are rising again after years of demand and price slump.

According to Srinagar-based real estate market analysts, one of the main factors for this is a sudden rise in demand for business spaces owing to major new parking areas coming up at Residency Road and Sheikh Bagh area.

“After many years, we see a major increase in queries for office spaces in Lal Chowk and Residency Road areas. There are three main factors, one is the large increase in parking space around Residency Road-Lal Chowk and second is the revival of tourism”, said Irfan Nabi, who runs a popular real estate business page on social media.

The reasons seem plausible; three parking areas of State Motor Garages, Sheikh Bagh and Residency Road near SBI Srinagar head office have added about 1200 car and two wheeler parking spaces alone.

“SMG and Sheikh Bagh parkings are yet to be opened and we see this renewed demand, mainly be startups. Once both these spaces become fully operational, it will be a boom”, said Nazir Ahmed Shah, a shopkeeper in the area.

Traders in Lal Chowk area, who have been facing a business slump for years, today say that both businesses and customers used to avoid Lal Chowk-Residency Road areas mainly due to parking hassles. Now, there is a sudden new trend of coming back to the city centre.

“The fact is that the area has not lost charm among shoppers. Despite some past interruptions, people in Kashmir want to visit city’s Lal Chowk for shopping and leisure strolls. There is no place in the city like the city centre. Everyone loves to be here if there is good parking space”, says Khalid Sheikh, a trader in the area.

With tourism picking up, and newer public expenditure and investments being announced, the tourist footfall in the city centre area is again picking up considerably.

“We see a 20-30% hike in real estate prices for office spaces and shops in Lal Chowk-Residency Road area compared to last couple of years. The reason is because the number of queries and demands for spaces have increased, mainly by local startups, who wish to start a new business or want to have an address in the city centre”, says Shaheem Akhter, a property dealer. “Many businesses want to establish their presence in the area because of its close proximity to main government offices, tourism hub of Dal Lake, Bishember Nagar and Rajbagh”, he added.

Lal Chowk area has suddenly become more conducive to business. Building owners are renovating their buildings, new malls are coming up, car parking spaces have come up like anything. It is like the good old days. It feels so good, observes Abdul Rehman, an elderly handicrafts dealer, who has seen the area through its many ups and downs over the last 70 years.

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