Uttarakhand has considerably witnessed a growth in demand for real estate since 2005. The market is on an upswing mainly due to the infiltration of NRIs in the state. This has led to builders like Unitech buying large lands for residential and commercial properties there. "As many institutes and companies are foraying into the state, demand for both residential and commercial properties is on a rise," informs Prateek Jindal, Project Manager, JVPL Real Estate. The company is coming up with 144 villas of 3/5BHK in Kashipur. Anticipating further rise in the price for residential and commercial properties in the state, big and small real estate players are jostling hard to grab the land at the earliest before rates increase.
Upcoming residential developments
Being a recently developed state, Uttarakhand offers flourishing residential opportunities to local as well as NRI communities. This has also encouraged an increase in property prices across the state. Besides, flats and apartments, land for farmhouses, bungalows and other real estate developments are also available. Dehradun, Mussoorie, Nainital, Haridwar, Almora, Chamoli, Rudrapur and Uttarkashi are the most sought after cities and are witnessing development of projects such as:
Haridwar Greens: Spread across 50 acre, Haridwar Greens by Arrow Infra offers 1-4BHK apartments. The project is designed as a self-sufficient and en¡vironment-friendly township by leading architects from Canada B+H.
Pine Woods: This project comprises two blocks of G+5 floors having 3BHK apartments with amenities such as swimming pool, club house, community hall, gym, etc.
Sahastradhara Housing Project: Spread over 1.4 acre, this project, devloped by Mussoorie Dehradun Development Authority, comprises 34 duplex buildings and 16 apartments.
Upcoming commercial developments
"The entry of new companies in Uttarakhand has also led to an increase in development of commercial properties," states Mahesh Dutt, Manager-Marketing, Assotech Ltd. There has been an increase in the development of offices in Dehradun and Rudrapur. For instance, Assotech is developing Metropolis Mall in Rudrapur comprising G+3 floors complex having retail spaces with amenities such as four-screen multiplexes, multi-cuisine food court and restaurants. The project is likely to complete by December 2012.
Some of the other upcoming commercial projects include: Eldeco Sidcul Industrial Park: Spread over 1,096 acre, this ultramodern industrial park in Sitarganj is slated to become the future industrial hub of this region. It is being executed by the JV company û Eldeco Infrastructure and Properties Ltd and State Industrial Development Corporation of Uttarakhand Ltd.
Lokayukta Buildings: Lok Nirman Vibhag plans to build Lokayukta Buildings at Shastradhara road in Dehradun. This project is currently in the planning stage.