David Stanley Redfern Ltd got in on the new trend early with their Mountain View development in Rudrapur, in which 2 bedroom apartment were available for under £30k. Mountain View is almost completely sold out now but another development is being built just up the road, and it will also offer affordable housing, ready to capitalise on the massive demand there will be for such housing in the next two years.
Demand which there will certainly be in Rudrapur, which was designated a Special Economic Zone by the Indian government, offering tax incentives for companies to move into the area. And move into the area they did, with some 450 new factories being built, or already trading on what will become a massive industrial estate on the outskirts of Rudrapur.
These factories will employ 300,000 people when they are finished, at least 50,000 from outside the area and who will definitely be looking for affordable housing to rent, meaning owners of Rudrapur apartments will cash in on the residential lets. But it is also a fairly safe bet that even those employed in the new factories from within the area will be looking for affordable rented accommodation;
The latter will also probably mean people from the area looking for homes to buy in 2-5 years, people getting promoted will also bring home sales in the foreseeable future. All in all the future is bright for Rudrapur, and India property as a whole.
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