Real Estate- contributor to the GDP
The real estate for hilly areas in India has seen a sea change in the past few years. It has been a key contributor to the economic growth of the country. Going by the reports, this sector alone contributes more than 8% to the total GDP. Although, the Indian real estate sector is experiencing a stagnant rise at the moment, yet experts believe that this sector will soon regain its stature. Furthermore, with the development of the sector, a number of real estate companies in India have emerged with time, banking on the opportunity.
Since the past decade, India has also witnessed rapid urbanization. This is why, demand for houses in cities has increased, making the real estate sector an excellent option for investment. This has attracted a lot of investors to the sector, in order to earn huge profit from the market. Even foreign investors are keen on investing in the Indian real estate sector. This has proved vital for the sector and thus, several real estate companies are coming up with various housing projects across the country.
|As mentioned, Indian cities are in high demand from both home seekers and investors alike. Many real estate companies are even building housing projects in smaller cities and towns. It’ll facilitate home seekers and also create opportunities of getting more investors. A recent study shows that homes in hill stations are getting quite popular, as many city residents want to retire in close to nature and amidst the hills. Apart from that, many city dwellers want to own a house in the hills as a vacation home. Non Resident Indians (NRI’s) are too showing interest in purchasing hill homes in India, due to an emotional attachment to the country they belong. The reason behind the preference for hill homes is not only the pristine , but also high returns on investment. This is the reason why, hill stations are becoming a popular spot for owning houses for Indians.|
Growth of Real Estate for Hilly Areas
Owing to growing demand of homes, the two states- Uttarakhand and Himachal Pradesh have seen development in the recent past. Places like Manali, Nainital, Dehradun, Shimla, Dharamsala, among others are witnessing a swift development. Moreover, there are several real estate companies that are building hill homes at lesser known places across the states. These companies are not only constructing houses but also developing the hill stations entirely. Several new hill stations are even coming up on the behest of these companies. It’ll accommodate the rising number of home seekers. To develop the real estate for hilly areas, companies that are developing these hill stations, along with constructing homes, are also building schools, hospitals, shopping arcades, parks etc. It’ll be within the vicinity, in order to facilitate and attract the home owners.