May 29, 2023

Property Prices Set To Soar In Uttarakhand After Lok Sabha Polls

Real estate prices are likely to rise after the general elections as a lot of election expenditure will find its way to this sector. SP Sharma, chief economist of the PHD Chambers of Commerce, said past trends from the general elections have shown that the real estate sector witnesses a spurt after the elections. “This is due to the fact that the money and expenses on the elections find their way into the real estate market as investments,” he said. Sharma said it is still hassle-free for people to invest in the real estate segment where they can use the Benaim route also. The general elections see a big inflow of money intended for canvassing and other arrangements. This money is then channelized into the real estate segment which leads to a spurt in the prices of land and property. In fact, the state has already been witnessing a boom in this sector since Uttarakhand was formed in 2000. The property and real estate market in the state has only gone up in recent years and the land prices have skyrocketed in cities like Dehradun, Haldane and Nainital where builders have set up several mega projects. Half a dozen murders have been committed in Dehradun in the past one year over property disputes. They indicate the existence of property related turf wars in the city. Subhash Hismanal of Prateek Builders said that there might be a spurt in the real estate segment after the general elections as lots of money is being pumped there at present. Most of the investments would be made into this sector after the polls, he said.

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