The northern India state of Uttaranchal, or Uttarakhand as it is now officially called, is quickly becoming a popular spot for international real estate investors. The first phase of one off plan investment project sold out in 5 hours. The region has long been a jumping off spot for tourists to the Himalayas and the northern part of India, and now it is seeing investment in manufacturing due to favorable tax benefits and incentives enacted by the state in recent years.
The city of Rudrapur is a modern and prosperous city, located near one of the industrial estates set up by the state. It is situated in the southern part of Uttaranchal, in the Udham Singh Nagar District. The Himalaya Mountains tower over much of the state, but this district has fertile fields as well as its own local university, Pantnagar University.
One major development in a Special Economic Zonei is based in an area 1km outside the city of Rudrapur. The huge 3,339 acre site was marketed to top Indian and international companies. 465 large companies have been allocated plots to date. Construction of 376 factories is in progress, with another 57 units having already begun production of goods.
With this development and investment in the state and the city of Rudrapur, there has been a lot of interest in local property. International investors are looking at the city and state with its potential for long term growth. The local tourism sector is also thriving, leading to the possibility of rental income as well.
Nicholas Marr CEO of International real estate website HomesGoFast.com ‘ The Rudrapur development has caused a huge amount of interest. This area is set to be the big region for manufacturing and 50,000 extra people will be employed directly in the industrial estate when it is fully operational by Dec 2008’
This development in Rudrapur is one example of the opportunities that await real estate investors in this fast growing region. Two bedroom off-plan apartments are now available here, starting at £23,958. That’s an amazing price considering the location and potential for long term growth. There is also a 3-year rental guarantee with a 5% return for those who want to go that route.
Rudrapur, 250 kilometers north of Delhi, is easy to get to within India. It has an airport 11 km from the city center, and is served by rail from a number of other cities.
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