Investing in destination like Dharamshala or Goa_ a virtuous choice?

The COVID19 pandemic, putting aside the distress of life, wealth, economy, is a time when many youthful generations realize their dreams of owning a house. As potential and liberal families move from states with high COVID19 infection rates to popular resorts such as Goa and Himachal Pradesh to wait for the pandemic to pass, these have become hotbeds for homeowners. 

At the same time, many people whose working conditions permit have moved permanently to these destinations. But apart from the idyllic scenery of these destinations, are these destinations really profitable for homebuyers? Before answering this question, it is necessary to describe the real estate market. Of course, with domestic tourists flocking to this coastal country, Goa's appeal as a destination for second homes or holiday houses has been on the rise in recent years. The northern region particularly attracts investors from all over India, but this situation is changing as the rather sleepy southern catches up. The state is open to people who buy land and build properties. 

Property ownership, although they may be an issue, the ownership of the former Portuguese colonies can be traced back to that time. Not to mention the various requirements of family members for a single property. For buyers who do not want to fall into the quagmire, the developed apartments and villas are a good choice. Although it is easy to obtain loans to purchase real estate in the state, residential real estate prices have been basically stable over the past two decades. In addition, the development of the MOPA Airport in the northernmost part of the state will push up real estate prices. 

Infamous destinations with high contributions in Green covers, such as Himachal Pradesh and Uttarakhand, buying land can be a little more complicated. Although non-residents can freely purchase pre-built properties in the state, the purchase of agricultural land requires special permission from the government. Even so, the ownership of pre-built real estate is limited to real estate rather than land. In municipal districts, that is, non-agricultural land, land ownership procedures are open. It is easy to buy land in these areas. In addition to the resale value of these properties, whether on the mountain or on the beach, given the tourist attraction of these states, leasing is also a good option for exploration. In addition to monthly rentals, daily rental platforms such as Airbnb and Booking.com are also popular in these destinations. 

The return on investment of daily rental is very impressive and is being explored more and more; however, as a warning, the mountain should be viewed through the prism of the environment. Because they are prone to natural disasters, they must be prepared and weigh their options before investing. Although these destinations may have their own shortcomings as primary residences, such as access to healthcare, education, etc., their attractiveness still exists for investment purposes. (Ravindra Sudhakar is the CEO of Reliance Home Finance. The thoughts projected here are those of the author). Covid-19 mortgage