Bay Hill, a popular destination in south-western India, is one of the priciest areas of Indian villages in the country.
With its sweeping view of the sea, the hill is popular with backpackers and families of all kinds.
The hill is known as Bay Hill Village because it has a large number of people living in its small compound.
The area has become one of India’s hottest real estate markets, and prices have increased rapidly over the past few years.
But the hill’s affordability is no secret.
“It is the most desirable location for a lot of buyers, especially for families,” says Murali Prasad, a real estate agent and the chairman of the Real Estate Board of India (REBI).
“If you are not from the country, you cannot even get the area for sale for Rs 1 crore.
You have to pay the Rs 1.25 crore.”
One of the top-end prices, for example, is around Rs 3 crore, he says.
“We have had people come from all over India and ask us for a list of the best places to buy the hill,” says Prasan, who has been working in the market for nearly a decade.
He says a lot families come to him for a hill house because they want to improve their living conditions.
“But there is a problem, you have to find the right place.
People come to us only for the best place,” he says, adding, “But if the hill house is not suitable for them, they can come to the area again later.”
While the average house price in the area has risen by almost 10 per cent over the last few years, the price of a hill hill has remained almost the same.
“People come to buy hill houses in their spare time, because they are cheap.
If they live in their own house, they are not going to have much money for the upkeep,” says Abhijit Chaturvedi, a former real estate executive from Pune, who sold his home to buy a hill home for Rs 3.2 crore.
There are a lot people who want to buy this hill, and they want it at the best price. “
However, if you are renting a house in the village, the cost is much higher.
There are a lot people who want to buy this hill, and they want it at the best price.
So, they get scared,” he adds.
It is the same story for many other real estate agents and brokers, who say that the area’s affordability has led to an increase in prices, even as demand has remained relatively stable.
“Many families are moving out of the area, because the price has gone up, and some of them are buying the hill for their children,” says Bhushan Sharma, an agent in the Mumbai area.
Sharma, who works as a real-estate broker in Pune’s Aligarh town, says he is not surprised that the price on hill houses is rising.
“There are a number of factors in the hill area that has caused the increase in price.
Firstly, the land has gone down in value, and the land is becoming a very expensive place to live in,” he said.
Sharma adds that the land’s value is also going up.
“For example, in the last five years, there has been a large increase in land value, which is going to be passed on to the buyers of the hill houses,” he added.
In recent years, more than 80 per cent of the houses in the Aligah area have gone up in value.
“A lot of families who bought houses in Aliga in the past are getting out of it, because there is an increase of land prices, which are rising at an alarming rate,” says Sharma.
“This is happening across the country.”
In Pune too, prices of hill houses have increased.
“If the price was in the neighbourhood of Rs 2 crore, you could get a place for around Rs 5 crore.
Now, the average price is Rs 5.5 crore, which makes it even more unaffordable for many families,” he explains.
But there are some buyers who are able pay the more expensive price.
“In Pune the price is about Rs 4 crore, but I am able to pay it,” says Shikha Singh, who owns a house on the hill.
“I bought a house there five years ago, and it was sold recently for Rs 5,000 crore,” she adds.
Singh is the owner of a villa in Pampore, a city in southern India, and she says she has been able to make some extra money by selling her villa.
“Before I sold it, the seller had sold me the land for Rs 2.5 lakh, which I paid at Rs 4 lakh,” she says.
She has not been able do much since the seller sold it.
Singh has bought