While popular hill stations in the North like Rishikesh, Dehradun, Mussoorie and Nainital are seeing growth in demand for property, there is a new found interest in alternate locations in the hills. Relatively less explored locations like Chamba in Tehri Garhwal, Uttarakhand are suddenly witnessing a spurt in demand. The enchanting weather , majestic mountain peaks, lush green and unexplored valleys and serene surroundings are giving the Himalayan hamlet a unique positioning among real estate buyers/investors and vacationers.
As the demand for sustainable living, rejuvenation amidst the hills and organic lifestyle is increasing, Chamba located at the intersection of roads from Mussoorie and Rishikesh is fast emerging as a preferred destination for serviced living and second homes/vacation homes. Chamba and its adjoining areas, according to Hill Max Advisors , have turned into a great attraction for those looking for second homes in hills. It is especially of interest to people from Delhi-NCR, U.P and from other parts of India, besides NRI investors. According to a report by 360 Realtors & Axon Developers, a large number of creative persons , start up enthusiasts and other young professionals who have taken to WFH /remote working are preferring unexplored territories of Chamba. This in turn is fuelling demand for serviced livings and long rentals. Similarly, seasoned investors and multiple property portfolio owners are looking forward to Chamba, lured by its strong potential for capital appreciation and constant rental income.
Says Ankit Kansal, Founder & MD, 360 Realtors & Axom Developers , “High-end serviced living projects are available in Chamba 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. This will also boost capital appreciation which is currently at moderate 3% level ”
Going forward, several growth drivers will prove to be a booster for real estate in Chamba. These include growing demand for farmland, summer homes, business opportunities for homestays, nature and amenities based developments, wellness and spiritual retreats.
“The region that enjoys excellent connectivity with Dehradun , Mussoorie and Delhi-NCR, will receive a shot in the arm after the completion of the Tehri Tunnel. This longest underground tunnel (35 kms) in the world , will connect Dehradun with Tehri and reduce the commute time to 40 minutes from 2 hours. This connectivity boost will further increase the investment potential of Chamba real estate .
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