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Urban India into buying more houses

Will cottages for the rich displace local people and lead to land speculation, as well as overwhelm the infrastructure and ecological balance of the region?

By Raja Awasthi, Times News Network

Ever thought of getting out of the clutter of urban life and spending your weekend in a cool clime, and that too in your own house? Sounds too good to be real, doesn’t it? But all this is taking place in the quiet locales of Uttaranchal and Himachal Pradesh, thanks to a rising demand for farm houses and apartment blocks from the upwardly mobile people of Delhi and its adjoining areas. Ditto for places in S India like Ooty, Kodai Kanal, Kovalam, Mahabaleshwar and other places.

With disposable incomes rising, investing in second homes is becoming a norm. The investors are mostly in the 35-45 age group and most sought out and hot places in north are Mussorie, Nainital, Bhimtal, Shimla, Bharatpur and Landour & Kasauni. Due to its close proximity to NCR, is already bursting at the seams with rates ranging from Rs 3,000 to Rs 4,500 per sq. ft. A two-bedroom apartment costs between Rs 18 and Rs 25 lakh. Landour, near Mussorie, is a known favourite amongst Delhi’s rich and famous.