The hills of Uttarakhand offer a plethora of second home properties, across segments, with the prospect of earning good rental income. We look at whether it makes sense for home buyers to invest in the state and the factors they should consider.
An increasing number of aspirational second home buyers, are now investing in vacation home destinations in hill stations, owing to the picturesque location, booming hospitality industry and concept of home stays and wellness that such regions offer.
One such state, Uttarakhand and its cities, Haridwar & Rishikesh, have been favorite investment destinations among investors and buyers from across the country. However, buying a property in Uttarakhand needs an in-depth understanding of the market. Here is a closer look at some of the factors that one should consider, before buying.
Advantages of buying a Second Home in Uttarakhand
State regulations favour buying– Uttarakhand is open to investments from people from other states. The government has clearly spelt out the buying restrictions, for people residing outside the state. There is no restriction on the size of the property/plot, if one is buying within the municipal limits of the cities.
Multiple options for prospective buyers– The entire region of Rishikesh & Haridwar have developed as a residential-cum-vacation destination, with options for all kinds of buyers. New-age buyers who can spend on a second home with their high disposable incomes, are particularly attracted to this region.
Steady appreciation in property rates– Developing and established areas have seen a steady appreciation in property prices across categories, except land.
Freehold properties– All plotted developments across the state are sold as freehold properties, where mutation and transfer of the property is easy, with the necessary paperwork, informs Sahini. This makes fresh registrations of properties easier for new buyers.