Chamba, tucked in the Tehri Garhwal of Uttarakhand and located at the intersection of roads from Mussoorie and Rishikesh is poised to become a hub for serviced living and second homes. As per the report by Axon developers, Chamba’s property market has presently grown at a CAGR of 3% but has the potential to accelerate fast, as demand gains momentum.
The Indian second home and serviced living market is growing at a CAGR of over 23% and is set to reach a market size of USD 4 billion by 2026, becoming one of the fastest-moving categories in Indian real estate. There is growing demand amongst Indians of all age groups to spend time amidst nature to relax and rejuvenate.
“The pandemic taught us about sustainable living and striking the right balance between our professional and personal lives. In the past, taking frequent breaks to spend time in the hills, indulge in some adventure sports or simply go on a cycle ride or a walk in nature was wishful thinking. Today, that is not the case. People want to take a pause from their hectic lives and spend time in mountains, woods, and beaches”, quoted Mr. Ankit Kansal, Founder & MD, of Axon Developers.
While popular hill stations in the North such as Rishikesh, Dehradun, and Nainital are seeing growth in demand, there is a newfound interest in alternate locations as well.
Relatively less explored locations such as Chamba (not to be confused with a similar hill station in Himachal) are suddenly witnessing a spurt in demand. The enchanting weather, mountain peaks, and lush green unexplored valleys are giving the Himalayan hamlet a unique positioning amongst holidaymakers as well as real estate buyers.
High-end serviced living projects are available in the range of INR 8500- 9500/sq. ft. The WFH, hybrid working models, and remote working is further driving demand for staycations and workcations. This has positively impacted the rental markets and pushed the rental yield to 6.5-7%, thereby further drawing investments in serviced living villas, retirement homes, and vacation villas. The Chamba and the nearby region comprising Tehri City, Rudraprayag, Devprayag, Narendra Nagar, and other locales are fertile ground for hospitality projects, resorts, wellness centers, and other related establishments. Likewise, on the banks of the Bhagirathi River, one can contemplate developing yoga centers, mindfulness coaching, Reiki studios, etc.
“The region will also receive a shot in the arm after the completion of the Tehri Tunnel. The world’s longest underground tunnel (35 kms) will connect Dehradun with Tehri and reduce the commute time to 40 minutes from 2 hours,” added Mr. Kansal.
Related posts:
Author
-
by
-
Comments are closed.