Rishikesh and Haridwar becoming popular second-home destinations in North India
By: Ankit Kansal (Founder & MD, Axon Developers)
Situated in the foothills of the Himalayas and adjacent to river Ganga, Rishikesh is counted amongst popular weekend destinations with robust demand coming from Delhi, Chandigarh, Lucknow, etc. Its pleasant weather which mostly hovers in the range of 6-27 degree Celsius further enhances its importance during scorching summer months when the mercury level in Delhi crosses 40 degrees Celsius.
Rishikesh is an exotic amalgamation of beautiful green hills, the Ganges, popular Yoga Ashrams, and exciting adventure sports. It also has popular temples, ghats, and plenty of other picturesque places to visit ad watch out. Its spiritual charm is so magnetizing that even foreign tourists visit Rishikesh in large volumes in search of bliss and tranquility.
Rishikesh becoming a popular second-home market
Rishikesh is climbing the curve to become a popular second home & retirement villa market in North India. As people from Delhi NCR regularly visit Rishikesh, it makes perfect sense to own a home in the picturesque hill station. There are plenty of options available in the smaller studios, 1 or 2 BHK apartments in Rishikesh. If the budget is big, Rishikesh also has ample units in the larger villas, 4 or 5-BHK bungalows, and swanky cottage categories.
Rishikesh is conveniently linked to Delhi NCR, through the Delhi-Dehradun highway. It takes around 4 hours to reach Rishikesh from NCR, along the highway. The beautiful region is also conveniently linked to Dehradun, the capital of Uttarakhand which is at a distance of 40 km. Other popular hill stations such as Ranikhet and Mussoorie are also at an approachable distance.
Property prices are moving up in Rishikesh at a CAGR of 5% over the past four years. Presently the average price is INR 5475/ SQ FT, as per the research by Axon Developers. However, property rates vary in the area, as it has both upmarket as well as budget neighborhoods.
In the vicinity, Haridwar is also gearing up
The second home market in Hardiwar is also witnessing a steep jump. Haridwar is located at a distance of just 35 mins from Rishikesh (26 kms) via road. It is amongst the most popular religious tourist destination in India and is the gateway to the Chardham- Yamunotri, Gangotri, Kedarnath, and Badrinath.
Investing in a second home in Haridwar will naturally make great sense, as it receives hundreds of thousands of tourists from India and abroad each year. It is estimated that close to 12,000 tourists visit Haridwar every day. During Kumbh and other mega events, it further picks up, thereby giving the rental market a monumental spike.
Haridwar is also registering growth in real estate due to a surge in industries in recent years, which is bringing a lot of young executives to the city. Many of them plan to own a property in Haridwar or Rishikesh.
Presently the property prices are close to 3500- 4000/ Sq Ft in Haridwar, a steady jump from 2019, when the property prices were in the range of INR 3200/ Sq Ft, as per the research by Axon Developers.
Understanding the lucrative wellness category
Rishikesh, Haridwar, and the nearby Narendra Nagar region is also a potential hub for wellness centers, Ayurveda centers, nature resorts, rejuvenation camps, naturopathy hotels, etc. Rishikesh is called the Yoga capital of the world and already there are numerous Yoga & wellness centers, Ashrams, operational. However, there are plenty of headspaces to develop the segment in a more systematic manner, channelizing Indian and international investments in the category.
The Indian government is also developing the Yoga and wellness industry under the flagship of the Aayush Ministry. Rishikesh and nearby regions are naturally placed to become the pioneers of the wellness and healthcare industry in India. Its potential is rooted in proximity to Delhi-NCR, an improved business climate coupled with a prolific existing infrastructure.
In a time when chronic diseases such as obesity, hypertension, stress, diabetes, etc. are growing fast, there is an increased propensity to move towards permanent solutions and managing the root cause rather than quick-fix solutions. This makes alternative treatment wellness and Ayurveda, a high-potential market. It is estimated that in India, the size of wellness tourism is close to USD 24.7 billion. The sector is witnessing spurred demand with a projected annual growth of around 25-30% annually and is expected to reach USD 140 billion by 2030.
In the midst of up-trending market dynamics, Rishikesh, Haridwar, and other regions are expected to capture a large share of India’s wellness space, marked by increased investments in Ayurveda centers, naturopathy hospitals & resorts, spas, Panchkarma centers, Agni therapy centers, healing studios, Yoga & meditation centers, herbs farms, etc. The state government is also committed to offering a conducive and progressive business environment to local entrepreneurs as well as businesses coming from outside. The state also has an abundance of human capital available at a cheaper price, a single window clearance system, and a low tariff of electricity, which are other advantages of starting a wellness business in Rishikesh.
Automovill opens 10K sq ft workshop in Kolkata
New Delhi, May 30, 2023: Automovill, a Bengaluru-based Full-Stack Mobility solution provider, has announced the opening of its latest workshop in...
AltF Coworking launches 2 properties in NCR
New Delhi, May 2023: AltF Coworking, a co-working solutions provider, has announced the launch of two new properties in Noida...
Agrocorp forays into residential plotted developments with ALPL One
Bangalore May 29, 2023: Real Estate Development Company, Agrocorp, on Monday announced that it is prepared to introduce resort-style villas,...
CBRE’s Consulting and Valuation business division to expand its portfolio and strengthen government advisory business by doubling the team size
New Delhi, May 29, 2023: CBRE South Asia Pvt. Ltd, on Monday said it plans to strengthen government business advisory...
Gulzar Malhotra is Gera Developments CEO
Pune, May 26, 2023: Gera Developments, has announced the appointment of Gulzar Malhotra, as its Chief Executive Officer. Gulzar Malhotra will...
Nuvoco’s new RMX plant in Vizag
New Delhi, May 26, 2023: Nuvoco Vistas Corp. Ltd., on Friday announced the launch of its new Ready-Mix Concrete (RMX)...
News4 weeks ago
Retail leasing up 130% Y-o-Y in Jan-Mar’23
Guest Column4 weeks ago
Commercial RE: Evolving trends & insights
New Launches4 weeks ago
91Springboard launches 1000+ seater Platinum hub in Gurugram
New Launches4 weeks ago
BPTP launches residential project, District 4 in Sector 84, Faridabad
New Launches4 weeks ago
BST Developers launches “BST-Green Bhoomi”
News3 weeks ago
Tribeca appoints new Head of Business Development, Somendra Sarwal
New Launches3 weeks ago
SAYA launches SAYA STATUS, India’s Tallest Mall
News4 weeks ago
Ganga Realty to invest Rs 400 cr in its maiden high-street retail project in Sohna