Most of us have a fascination for travelling, especially to a Hill Station. In South India ‘The Queen of Mountains’ Ooty is an indisputable choice for travellers. Some even dream to settle down there. But should they invest in plots/land or a built-up property? Is there an increasing trend towards buying plots & land? Let us try to find the answer here.
Being quite a popular summer destination, Ooty attracts locals and foreigners alike. According to official records, the number of tourists who visit Ooty every year has shown an increasing trend. While the tourists count in 2014 was 23.4 lakhs, it was 31.19 lakhs in 2016 and 32.69 lakhs in 2017. Similarly, the number of people willing to invest in Ooty real estate has also been increasing.
Reason to Settle Down in Ooty
In recent times, more and more people are discussing on popular online forums about settling down in smaller towns. This also applies to Hill Stations like Ooty. Since 2017, the interest in settling down in Ooty and nearby areas has been on an increasing trend.
Three of the obvious reasons, in this case, are scenic beauty, climate and a quiet environment as compared to big cities. The concept of reverse migration and the desire to retire in small towns is also influencing this choice. Last but not the least, owning a piece of land or property in a picturesque place is regarded as a status symbol.
Ooty Land vs Built-up property
The current trend is shifting towards investing in a Land at Ooty as against an already built-up property. The major reason being that the plot can be planned and a building can be constructed as unique as it can be. With each person having different perceptions, an already built property rather limits one’s choice.
Ooty Real Estate Trend & statistics
A popular analytics website reveals the online monthly searches for ‘Plot for sale in Ooty’ Vs the searches for ‘property for sale in Ooty’. As of October 2020, the searches for the former were about 81% of the latter. In the same month, the searches for ‘Residential Plot for sale in Ooty’ were about 67% of searches for ‘Buy Property in Ooty’.
This indicates that plots are gaining popularity to catch up with property in Ooty. Similarly, agricultural land purchases are also witnessing a boom in Ooty owing to better Return on Investment (ROI). The search for ‘agricultural land in Ooty for sale’ was more than half (54%) of the searches for ‘Plot for sale in Ooty’.
The scarcity and higher costs of plots in big cities have led to an increased preference for plot/land purchases in places like Ooty. Factors that drive this trend are less investment /affordability, lucrative resale value and Easy maintenance.
What you must know while investing in Ooty land or plot
- The plot or piece of land should belong to Municipal or Panchayat limits. The Municipal limit may further have Zonal Classifications.
- It must be ensured that the plot is not located in a landslide-prone area.
- No assignment of the land shall be made for agricultural purpose or other purposes including residential purpose within 150 metres from the boundaries of reserve forest and wooded lands or areas of special interest as may be declared by the Government from time to time.
- Planning permission must be sought from the Hill Area Conservation Authority (HACA), an institution constituted by the Government of Tamil Nadu. It is to be noted that the director of Town and Country Planning, is the member Secretary of HACA.
Checklist for making the right investment in Ooty
Location – The plot or land location must be motorable and well connected with nearby towns and cities.
Encumbrance – The plot of land must be free of any impediments and must be duly certified.
Growth prospects – The buyer must be aware of the variation of prices in the region of investment & must invest in a region that has value appreciation over time
Where can one invest and How
Some of the popular locations for investment in Ooty are Ooty town, Ketti, Lovedale, Wellington, Aruvankadu, Fern Hills, Coonoor, Kotagiri, Ketti Palada, Muthorai Palada, Balacola, Adikaratti, Thuthalai and Gudalur.
Since Hill Station real estate is a niche market, a trusted and well-experienced partner can guide the buyer in making the right choice. Hills and Wills is a comprehensive and competent Hill Station real estate company that offers not only the hottest property listing at most competitive prices but Hill realty advisory services too.
About the Author
Author Name: Soundarya Anandan
Intro: Soundarya Anandan is a post-graduate in Marketing who worked with Market Research Companies and start-ups. Currently working with Hills & Wills creative team and roll out value-added contents about hill station real estate by undertaking dedicated research about this niche market.
Email Address: [email protected]
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