Renewed Interest in Luxury Holiday Homes in the Hills
The allure of luxury holiday homes nestled in the hills is experiencing a resurgence, with India's leading real estate companies poised to cater to this demand, particularly given the current slowdown affecting urban markets. Prominent business figures, high-ranking executives, and retired industrialists are seeking tranquil secondary residences as a refuge from the pressures of city life.
Big Players Energize the Mountain Market
While local and smaller developers have traditionally offered homes in the hills, the entry of major players like DLF, Tata Housing, and Fire Capital has injected new energy into this market segment.
Luxurious Developments in Kasauli and Shimla
Tata Housing has unveiled a project in Kasauli, encompassing 75 villas spread across 24 acres of verdant landscape. These villas are priced between Rs 3.5 crore and Rs 8 crore. Simultaneously, Woodside Developments is nearing completion of its Kasauli project, featuring 38 villas ranging from 3,000 to 5,200 sq ft, nestled on 30 acres of greenery. DLF, India's largest developer, has launched projects in both Kasauli and Shimla, offering both plots and homes in these mountainous regions.
Shifting Preferences Towards Mountain Retreats
Luxury developments in the hills have emerged as highly sought-after holiday home destinations in recent times. The market has witnessed growth as people's preferences shift from beach destinations to the tranquility of the mountains. Modern amenities and gated communities are key features that today's holiday home buyers seek, even in mountainous locations.
Affordable Luxury Apartments in Kufri
PE fund Fire Capital has entered this segment with Clouds' End, a luxury apartment project in Kufri. Apartment sizes are strategically kept smaller to maintain affordable prices, ranging from Rs 70 lakh to Rs 1.8 crore.
Enhanced Quality and Buyer Confidence
Previously, buyers had limited options beyond projects built by local developers, often with quality concerns. The involvement of reputable developers now provides assurance and sets clear expectations for buyers.
Navigating Property Ownership in Himachal Pradesh
Acquiring property in Himachal Pradesh can be complex for non-residents. However, they can purchase land from growers with permission under Section 118 of the Land Reform Act of 1972. Recent legislation has clarified project transfers, enabling outsiders to purchase apartments in the hills.
