On October 27, 2020, the government announced the appliance of Real Estate (Regulation & Development) Act, 2016 within the union territory of Jammu & Kashmir. This has paved the way for any Indian citizen to buy non-agricultural land and property, versus the eligibility of only local residents earlier. According to the Economic Times Housing Finance Summit, about 3 houses are constructed per 1,000 people per yr compared with the required development rate of five homes per 1,000 population. The current shortage of housing in urban areas is estimated to be ~10 million units.