Growing Real Estate in Himachal Pradesh

Himachal Pradesh is a state in Northern India and one of the smaller states of the country. Shimla is the present-day state capital of Himachal Pradesh and other major places in the state are Manali, Solan, Kangra, mandi, Kullu, Chamba, Hamirpur, Dalhousie, and Dharamshala, which also serve as major tourist spots.

Embracing majestic beauty, Himachal Pradesh is thriving on the might of a major realty boom and offers great prospects for investors. This has been made possible after the state government’s initiative to allow outside property investors to invest in region’s residential sector. The step has been taken as the government did not want to miss out on India’s property boom.

Real estate developers from different countries including South Africa, UK and France are coming up to establish their presence in the Himachal Pradesh property market and seem confident to make handsome investments in the state.

They have lined up to bring back the faded grandeur of Himachal Pradesh’s Victorian summer houses, and to construct beautiful bungalows that were often praised for their designs.

Driven by a positive growth and large scale investments, real estate at Baddi in Himachal Pradesh is ostensibly flourishing. The sale of three plots here for industrial and housing purposes, has fetched the state government Rs 12,000 crore. Moreover, Baddi, one of the important industrial belts in the state, is all set to see the development of glitzy shopping malls, multiplexes and large commercial spaces alongside the upcoming IT, pharma, textile and auto industries.

These construction activities have given a strong boost to the land prices which have escalated nearly 10 times thereby providing both the local and outsider investors a chance to make killing. The commercial complexes in Himachal Pradesh are fetching handsome amounts as compared to the residential property.

HP Housing and Urban Development Authority (HIMUDA) had sold out plots at Baddi at a whopping Rs 1,500 per sq. ft. HP Industrial Development Corporation Ltd. (HPIDC), being a commercial organization, auctioned these plots in an open bidding between the range of Rs 3,000-4,400 per sq. ft.

Upcoming Infrastructure Projects in Himachal Pradesh

Map of Himachal Pradesh
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Himalayan Ski Village: US billionaire Alfred Ford has pumped in $300 million to develop a Himalayan ski village near Manali. The project has got an approval from the State Infrastructure Development Board and is awaiting a nod from the cabinet.

The project is regarding the construction of a fully integrated resort which will spread over an area of 100 hectares and feature 100 hotel rooms, 300 villas, 150 condominiums, spa facilities, a convention center, shops and restaurants. The resort is strategically planned after seeing a vast tourist potential offered by the beautiful town of Manali. The project is likely to generate revenue of Rs. 50-60 crores.

Improving network of roads: The Union Minister of Shipping, Road Transport and Highways, Thiru T.R. Baalu has approved a large sum of Rs. 1707.39 lakh for re-construction of roads in the state of Himachal Pradesh.

Also, some major approvals have been granted for the works on National Highway in the State of Himachal Paradesh. It includes a sum of Rs. 420 lakh that has been granted for maintenance of NH 1A, 20, 21, 21A, 22, 70, 72 and 88.

A sum of Rs. 287.94 lakh has been sanctioned for widening of two lane of NH-88 from 105 km to 108 km and 110 km to 111 km in Shimla-Matour Road.

The government has agreed on to provide Rs. 279.23 lakh for laying 25 mm thick SDBC including profile correction in 91/200 km to 104/500 km of Barog bypass on NH-22 of Kalka-Shimla Wangtoo road.