Today,
the second home or vacation homes market is becoming a rallying point for
developers and investors. Holiday homes are becoming a slow but sure rage as
people increasingly buying second home or vacation home that double up as a
great place to holiday and also give them good returns as far as investment is
concerned. The market for such properties is still emerging in India but it
will pick up the pace in the coming years.
The
desire to get a break from the fast paced life of city has opened new doors of
growth for the real estate in the hills. If someone dreams of having a property
with a picturesque view of snow capped mountains or lush green hills, it might
be the perfect time to explore the properties in hill destinations such as
Nainital, Ooty, Lonavala, Mukteshwar, Almora, Mussorrie, Kodaikanal etc. With
growing popularity for real estate as an investment, these destinations offer
fantastic investment opportunities as demand for properties in hill stations is
growing.
Today,
the mind set of people has also changed for hill properties as people are not
looking towards such properties just as a Second Home or vacation homes but
also as a sound investment. The demand is booming, as it makes for a viable
economic investment for the buyer as well as for the developers due to low
construction cost and easy availability of land parcels as compare to the
metros. This is the main reason why realty majors like DLF, Unitech, Lodha
Group, ATS etc. are also developing properties in the hills among others. Most
of the realtors target the affluent by offering luxurious properties in the
hills. But there are few realtors who also keep the interest of middle class
customers in their mind and have started projects according to their pockets.
How
do we find the right property among the huge list of properties in hills, this
is a very important question and needs to be answered. View from the site is
one of the most important factors along with social infrastructure;
connectivity, proximity with the main cities etc. play very important roles while
searching for property in such locations. One should invest in a location or
project that allows for sufficient resale value along with the maintenance
& security of the property.
In
places like Nainital, Dehradun etc, several local builders have started
offering small residential plots, which are as low as Rs.5- 6 lakhs per 100 sq.
yd., which is not bad at all, if someone is looking for a plot for investment
purpose. The property rates are surely appreciating in the hills. Growing
popularity of a destination will facilitate better appreciation of your
property in the hills. Real estate prices in most of the famous hill stations
have gone up by more than 80% in past 3-4 years. Experts forecast a rise of
100% in the next few years and also forecast that some new hill destinations
will come into limelight because of the increasing trend. So, do not be the
last one to spot the trend.
