Sikkim Real Estate Trying to Upsurge

Sikkim is an Indian state situated in the Himalayas and is known to be landlocked. It is the least populous state in the country and the second smallest in area after Goa. In the past few years, the Sikkim Government has tried its level best to promote tourism in the state and has been successful in its task as well.Sikkim, the land of beautiful scenic surroundings, offers a huge tourism potential and by tapping into this the state has grossed an earnings windfall. Some of the major attractions of Sikkim are Orchid Sanctuary, Yumthang Valley, Pemayangste Monastery, Rumtek Monastery, Pelling, Khecheopari lake, Yuksom, Namchi, Tashding, and Dudbi Monastery.

Real estate is the most visible face of any Indian state or city, which is grabbing the attention of potential investors and has persuaded most foreign players to look forward to the country.

Map of Sikkim
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At present, most cities in India are competing with each other for a preeminent place as commercially viable cities. The boom in the real estate sector over the past five years has substantially added to the available premium property stock.

The states, which were once known to be quiet and dull, are zooming away in the wake of new construction activities and strengthened infrastructure. Such a phase of development is yet to embrace the states in not eastern part of the country. A lot of supply to bring improvements in their infrastructure is under construction and will be operational soon.

Some of the capital for building the physical infrastructure of Sikkim will come from the center and the state. However, a large portion of investment will have to be drawn from the private sector. The state requires preparing an active policy to draw interests from private players.

Apart from making an effective use of its own funds to build up a string infrastructure, the Sikkim government also needs to secure the co-operation of the central government and in areas under the latter’s control.

The State is otherwise promoting its eco-friendly industries, including floriculture. The industries that are expected to expand soon in Sikkim belong to different fields such as IT, healthcare, education and adventure tourism. Such developments will certainly give a boost to real estate market here by increasing the demand for commercial spaces and residential segments.

As for the IT sector, the State has developed a multitude of community information centers, out of which, around 40 have been established.

By 2015, the ongoing planning will help Sikkim to emerge as one of the productive states and change its image from being a mere “money order economy” to a “self-reliant economy”. As such, a number of industrial groups have shown inclination for the areas to develop hotels and food processing units. These include the prominent names like Hyatt, which has explored the possibility of developing a five-star hotel for about Rs 200 crore.

Cities of Sikkim
Gangtok
Nayabazar
Gyalshing
Rangpo
Jorethang
Singtam
Mangan
Upper Tadong
Namchi