Kashmir's Shopping Complex Mania Is Fueling Debt And Distress

In towns across Kashmir, shopping complexes are rising at an alarming rate. From Srinagar's expanding suburbs to newly developing townships, glass-and-concrete structures are replacing small shops, old markets, and farmland. They promise modern convenience: a decentralized model where offices, eateries, and retail stores co-exist under one roof. On paper, this looks like progress. In reality, it is a growing problem.

The sudden surge of these complexes started around 2019, following a notable rise in tourist visits. Investors saw an opportunity. Landowners, hoping to capitalize on future growth, began converting their agricultural land into commercial properties. Many took large loans from banks, expecting the market to thrive. Yet experts warn this is a textbook domino effect, where unchecked development is creating more problems than solutions.

Kashmir has never been a region driven by a strong service economy. The Economic Survey of Jammu and Kashmir places the service sector at around 35 percent of local GDP, far below the national average. These complexes face a harsh reality: the demand simply doesn't match the supply. Many of the buildings stand half-empty, others barely survive.

The shift is not just economic. It erases the valley's cultural and commercial identity. Lal Chowk, once the bustling center of Srinagar's trade, where generations of merchants and customers came together, is losing relevance. The scattered complexes fracture what was once a centralized marketplace, a place that connected people not just through commerce but through community.

Behind the scenes, this boom is worsening Kashmir's deeper economic woes. The unemployment rate in Jammu and Kashmir hovers around 17 percent, nearly double India's national average. These complexes generate minimal employment, mostly offering a handful of jobs per structure. They are not the solution to Kashmir's crisis of livelihoods.

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