In the current evolution in Indian real estate market, real estate developers have of late been eying the prospect that Tier II and III cities and untainted cities have to offer. After suburbs and satellite townships have been adorned, Rudrapur, a developing industrial hub in Uttaranchal appears to bring along a brilliant promise of a prized investment.
Rudrapur is situated at the heart of the Tarai Region which boasts of people from all faiths and profession.
The’Gateway’ to Kumaon hills, Rudrapur has found immortality as Jim Corbett’s setting for his book ‘Man eaters of Kumaon’. Rudrapur’s location and infrastructure advantage can well enable it to surpass other cities in terms of real estate growth.
While its geographical topography makes it the leader in agriculture production in India; power generation is not a problem. Another feather on its cap is ten power projects planned by the government. Electricity rates are very low and accessibility of water can be gauged by the fact that it becomes available well within five feet below the ground.
Rudrapur nestling in wonderful locations on the Delhi-Nainital Highway (NH-74) and Khatema-Panipat Highway (NH-87) boast of sound connectivity. Adding to its real estate investment prospects are availability of land, a wide pool of educated and skilled workforce and plenty of growth opportunities. The market potential is tremendous and pan-Indian real estate agents are making a beeline to acquire land to started work on integrated townships so that the region resounds with construction activity.
Demand in Rudrapur real estate has been induced by end-users also apart from the investors. This includes investors like Non Resident Indians (NRIs), corporate houses, local residents who are employed outside the state of Uttaranchal, and have a property interest in their home state. The role of NRIs in showing huge interest in the upcoming high-end real estate products has also triggered real estate investments in Rudrapur.
Residential properties in Rudrapur range from luxury to low budget housing, it shows a variety of taste but single-unit houses, row houses villas, penthouses and plots form the popular taste. Rudrapur has had a taste of world-class lifestyle when the NRI Lake City was developed. Its natural beauty and endowment has made the idea of carving out exciting landscaped townships every dweller go in complete raptures.
Enthusiastic real estate agents in Rudrapur and leading real estate developers like Omaxe Group, Sherya Developwell, Samiah International Builders, Weltech Builders and others are convinced about the spiraling prices the region will offer. Industrial houses like Tata, Bajaj, Honda, Escorts, Nestle, Britannia, Dabur, Parle, Jindals, Mahindra, Kores, Radiant, Interarch, U.S. Foods, Mahaveera Transport and others are promptly setting up facilities here. The investment outlay of these companies set for this work exceeds Rs. 7,000 crores.
Though the progress is encouraging, it is being predicted that Rudrapur will take the steady route to mark the future of real estate development in the country. The pace it acquires over time will also be a deciding factor. The allotment of a No Objection Certificate (NOC) is awaited for a smooth sailing. The government is working on the proposal, though.
The measures taken by the Central and State Government to declare land parcels as Special Economic Zones with economic benefits and a 7 year industrial tax exemption have attracted investments. Much of the development work has come on track since Uttaranchal Land Reform Act permitted the sale of land to private entities or those with non-domiciles status.
Rudrapur invites healthy comparison with Gurgaon and is expected to consolidate its position steadily. Appreciation by 25-40 per cent during the next one-and-a-half to two years is likely due to economic factors according to analysts.
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