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« Developers Feeling the Heat of Falling Property Prices | Home | JP Morgan Expanding its Indian Equities Team in India »

Himachal Property Market Sees Rs 850 cr Investment

With registering an investment of Rs 850 crore, the real estate in Himachal Pradesh is all set to raise the bar of performance a notch higher.

The state government has enacted laws relating to HP Apartment and Property Regulation Act 2005. According to new guidelines, the real estate is now opened for private sector. Interestingly, the government has got an overwhelming response from leading players that are keen to invest in Himachal Pradesh real estate, says state Housing Minister Harsh Mahajan.

Himachal Pradesh Urban Development Authority (HIMUDA) has been playing a critical role in providing comfortable houses at cost effective rates. So far, the authority has constructed around 1,500 housing units in the state. Also, the construction work for 10,000 units is in progress and 2,500 more are planned to come up soon, adds the minister.

The borders areas of the state continue to see strong demand for residential units. Also, there is a heavy investment flow here. Thanks to the new industrial policy. Around 5 lakh new residents have been included in the major industrial towns of the state to cater to the increased demand for workforce.

HP Government will promote private sector investment for development of plots/flats at major sightseeing and tourist resorts such as Shimla, Kulu Manali, and Dhramshala. These are the places which are drawing large interests from industrialists who have lined up to buy flats/ houses to maintain second home in scenic surroundings of hilly places.

HP real estate has by far attracted the attention of several non resident Indians (NRIs) who have requested the government to set up an exclusive city for NRIs in the beautiful environment of the state.

News Published Under:   Real Estate India | No Comments »

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