NRI Real Estate and Property Investment in India
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Unprecedented realty boom in Himachal Pradesh
Monday, October 29, 2007

Owning a home in tourist destinations like Shimla and industrial towns like Baddi are now coming true, even as the state government is bestowing special relaxations to real estate developers in India. Owing to the massive industrialization taking place, Himachal Pradesh real estate sector has got a visible boost in these places.

The section 118 of the Land Reforms And Tenancy Act, bars non-agriculturists from buying agricultural land in the state, but now Non-Himachali’s can also have a home by purchasing from real estate projects underway in Himachal Pradesh, sanctioned by the state. This explains the selling of flats hand to hand in the state.

The developers in the reckoning are U B Constructions, Omaxe Constructions Limited, Mount View Group Housing Co, and Aggarwal Builders Pvt. Ltd. which have offerings to meet the demand of the various industries. These companies are also coming forward with group housings.

Omaxe Constructions Limited, for instance, has its eyes set on Tier II and Tier III cities which are becoming a major industrial, business and economic hub due to the presence of IT/ITeS, pharma and BPOs. Mr. Rohtas Goel, Chairman and Managing Director, Omaxe Limited avers, “Significant growth prospects exist in these towns with increased purchasing power for quality real estate projects. Baddi is one of them. Its location and future prospects make it a profitable and advisable destination.”

A residential complex project by Omaxe called ‘Omaxe Park Woods’ coming up in Baddi will house 1669 designed spacious 1-bedroom, 2-bedroom and 3-bedroom apartments of different types.

The town of Baddi has catapulted itself to be home to some of the top industries like Nicolas Piramal, Ranbaxy, Dr Reddy’s Lab, Torrent Pharmaceuticals, TVS Motors, Colgate Palmolive, Dabur India, Cipla, Cadbury’s, Wipro, Procter & Gamble, etc.

Also to recommend it is the Baddi Barotiwala industrial corridor salted to be one of the biggest Pharma hubs of Asia. The new industrial set up will generate employment for thousands of people and generate economic well being for the entire town and state.

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