Top tips for purchasing property at a hill station

Top tips for purchasing property at a hill station

Tourist destinations are a new-age choice of real estate investors. Along with the potential to yield healthy rentals, homes in places driven by the tourism industry also serve as holiday homes. With many such locations in India being on the hills, it is essential that property buyers do the due diligence before investing.

Rising disposable income and the need to get a break from the fast-paced city life has opened up new avenues for real estate investment in tourist destinations. Over the years, demand for properties in such locations has been on a rise with several young professionals, entrepreneurs and self-employed professionals such as lawyers, doctors and businessmen looking to own a second home there. Among notable locations, properties situated in hill stations such as Lonavala, Shimla, Kasauli, Darjeeling and Mahabaleshwar are on top of the popularity charts of investors.

While the growth prospects of investing in a property situated in hills are robust, one should always take caution before taking the plunge.

Here are some handy tips that investors should keep in mind before investing in such property:

Easily accessible location

While properties in tourist destinations are primarily seen as holiday homes, investors often prefer destinations that are easily accessible and are close to metro cities or their first home locations. In addition to this, civic infrastructure and connectivity are some of the other factors that potential investors should look out for before investing in such properties. For instance, Lonavala and Khandala in the west, Darjeeling in east, and Shimla and Dehradun in the north have emerged as popular tourist destinations for real estate investment in India.

One of the major factors driving Lonavala’s real estate market is its strategic location close to both Mumbai and Pune. Besides, the presence of well-developed infrastructure, proximity to nearby towns such as Khopoli, Karjat and Talegaon, and connectivity through the Mumbai-Pune Expressway and the Mumbai-Chennai Highway have triggered real estate growth in the region.