What is the Property Market in Dehradun Like?

Most experts believed that prices of real estate would increase once the general elections are concluded in the middle of 2014. They believe that a lot of the corpus set aside for the elections would end up in this sector. Moreover, buyers were mostly waiting for the election period to get over because they can be certain about the policies that are being adopted by the upcoming government along with those that may be scrapped. It has been around 3 months since the elections have been concluded and a new central government has ascended into Lok Sabha, yet the hesitation among buyers of the real estate market has not been conquered.

The past trends of general elections have expressed that the realty sector witnesses a rise in prices post elections. This is mainly because expenses and money meant to be used in the elections end up as investments in the realty markets. A lot of politicians prefer investing in real estate because they need not reveal their identity in it. There is a lot of money that is pumped into the system during general elections which is used for canvassing along with other arrangements. The money is later on channelled into real estate that leads to an increase in property and land prices.

As a matter of fact, the state of Uttarakhand has already started witnessing such increases. The state was carved out of Uttar Pradesh back in 2000. It was named as Uttaranchal but was later renamed as Uttarakhand. The real estate and property market has gone up only recently and the prices of land have shot up for property in Dehradun, Nainital and Haldwani. Many builders have already started up many mega projects in this area. There have been many criminal offences for property in Dehradun and other areas in Uttarakhand since the past year. Because of the want for buying property, turf wars have also broken out in the city.

Most builders opine that the spurt in growth of real estate has been because of the money being pumped into this sector after the elections. Moreover, NRI interest in the area is also quite high as recorded by an index. The index suggests that property in Dehradun is fifth most coveted for in the country, after metropolitan areas of Mumbai and Chennai. The city is looked upon as perfect for retirement because of its picturesque views and proximity to the religious town of Hardwar. However, recently a number of industries have come up in the state for which a lot of people are relocating here. They are looking for properties to buy in this area. With the rupee remaining devalued compared to dollars, most NRIs in areas such as Kuwait, Oman, Saudi Arabia and the US are thinking of buying properties here. The infrastructure in and around Dehradun is also being bettered which would make life smoother here. Moreover, the presence of good boarding schools has also attracted a lot of people for buying properties here. Properties in areas such as Sahasradhara Road are much in demand.

The speciality of property in Dehradun is that most of them are bungalows and villas. The villas are built over 2-3 cottahs and they have 4 to 5 bedrooms built in them. The starting price of such villas is around Rs 70 to Rs 80 lakhs. The concept of apartments is yet to catch up with the populace of the city because the demand for property is not that high. The number of people flocking to the city for jobs is still lesser than that in Delhi or Mumbai and hence residents of the city can afford to buy good houses to live in. There are hardly any apartment complexes in the city and most people prefer living in the bungalows, villas and independent houses. Also, most of the buyers in Dehradun are end-users who would prefer to buy properties for use of their families rather than selling off when the prices increase. Since end-users would be buying the properties, they want spacious accommodations where they can have a garden, a backyard, space enough for children to play in and a sizeable car park. For such a lifestyle, it would be best to own a bungalow over an apartment, where the space is very compact and congested.

If you are not a native of Dehradun, then buying property in the city would become difficult for you. You should definitely look up property selling websites to find the best alternatives for yourself. There are quite a few good websites that list properties available in Dehradun with their pricing, amenities, location and size of plots. The contact information of the builder along with the floor plan of the bungalow is provided. Once you go through the specifications, you can get in touch with the seller or builder directly.

Prior to contacting a builder, you should think up your budget and list of amenities that you want in the apartment. Corresponding to that list, you should contact for more information. Make sure you go through the news pieces, discussions and online forums where properties are discussed. You should watch out for the property discussions that are centred on specific markets. You can also contact the website directly for assistance on the property that you are interested to buy in Dehradun.

Throughout the country, property prices are quite high but stagnant because buyers are expecting them to fall any day. In fact, price correction has already started in cities such as Bangalore and Mumbai although they are stagnant in other cities. However, the rental rate’s appreciation is quite dynamic and rate of rent for rental properties is increasing every day. This is because more numbers of people are migrating to large cities for a limited span of time. They need to live in a safe accommodation but cannot afford to or do not need to buy it. Even areas along the periphery are fetching good rates for rent because of high demand. As long as the property has proper infrastructure in place, the demand for such properties shall be there always.