5 Localities Close To Tourist Destinations That Are Turning Into Real Estate Investment Destinations
Real estate is considered to be a safe bet for investment and future returns. With changing times and the market ready for a revival, potential buyers, who were fence sitting for long, are now looking forward to buying a property for investment.
When buying a property for investment, the buyers have a different set of factors in mind when compared to buying a property for use. One of the major factor that differentiates the two is the location. While property for end use is bought close to business districts, for investment property, people consider areas in the city periphery or near to any tourist place.
Tourist places have gained greater momentum in past few years as investors have witnessed that irrespective of any season, these places encourage a huge number of footfalls. Thanks to a booming hospitality sector. Though buying a property right in the centre of tourist spots can be heavy on the pocket, for those considering them as their destination next can opt for areas in the periphery to get a favourable deal.
PropGuide lists reasons that make them deal-worthy locations for real estate investment:
- Land available at reasonable price
- Property prices are within the range and do not fluctuate frequently
- Less crowded in comparison to nearby tourist place
- Easy to reach from any metropolitan cities
- Maintenance charges are also comparatively low
Of the many, Raichak in West Bengal, Bhimtal/Naukuchiatal in Uttarakhand, Alwar in Rajasthan, Ratnagiri in Maharashtra and Panchkula in Haryana are among the favourite locations for property investment.
With Kolkata being one of the favourite destination for property investment, adjacent areas are also gaining popularity. Bordering the Bay of Bengal, beach admirers are always on a lookout for properties that are in proximity to the tourist destination like Digha or Ganga Sagar. Raichak, in South 24 Parganas district of West Bengal, is one destination that is catching up buyers' attention fast. Many developers, too, are coming up with projects and plots for prospective buyers. Ambuja Neotia Riviera, Ambuja Neotia Gardenia 1 and 2 Villa, Ambuja Neotia Frangipani and Ambuja Neotia Gardenia Plot are name to few.
We all have known Nainital as a hill station, being a summer tourist destination. It is also surrounded by areas that have witnessed real estate growth. Bhowali, in Nainital district of Uttarakhand, is one such destination that is a gateway to many other places of interest across the state. With just 11 km away from Nainital, Bhowali is calmer and the property prices are lower, comparatively. Here Earthcon Himalayan Estate, Ambrosia Infraheight Pvt Ltd Fruit Valley Apartment, Tranquille Living Spaces Belle Vue Chalets are some of the most exciting projects one could look at.
Alwar, a city of Rajasthan, is the centre point from those who are travelling from Delhi to Jaipur. Jaipur, as we all know, witnesses a huge footfall from not just international soil but is also a weekend destination for many living in the national capital region. Alwar, on the other hand a residential spot which boasts of a beautiful lake and picturesque valley of the Aravalli range, (160 Km away) is favourite among affluent buyers. A lesser known tourist destination, Alwar has caught the attention of developers to build few prominent projects. These are Manglam Group City Plots, AMR Developers Mystic Greens, Pearl India Buildhome Limited Aura and Aasara Nature Lake Farms.
Lonavala, Khandala, Baneshwar and Alibaug are a few weekend destination preferred by people of Mumbai and Pune. But, one more destination, which is being preferred as a better locality for property investment is Ratnagiri. It is already popular as a port city in Maharashtra. Salasar Life Spaces The Riverview, Chaitanya Developers See Vista Villas, Paranjape Schemes Janardan Plaza and Oceanic Valley are few of the prominent projects.
The demand for the second home is booming in Panchkula as it makes for a viable economic investment for the buyer as well as the developers due to low construction charge and easy accessibility of labour and construction material. Lying on the foothills of Himalayas, Panchkula is catching the eyeballs for many well-off buyers. DLF Valley, Chinar Group Chinar Apartments and Trishla Plus Homes are few of the projects in this locality.