Every year a unique set of problems affect India’s tourism industry and increasing real estate prices are changing the identities of many leisure destinations. Pune-based entrepreneur Akshat Shrivastava, who runs Wisdom Hatch, contested X by pointing out the growing prices of travelling to Indian locales . When contrasting Manali and Shimla to Georgia, and Mumbai with Dubai, Shrivastava explained how high property costs are inflating the general cost of touring.
Goa has been getting unnecessary heat.
Go to Manali, Shimla– it is more expensive than Georgia.
Go to Mumbai, it is more expensive than Dubai.
The point is most major holiday destinations in India are super expensive.
Why? because our real estate prices are crazy.
And,…— Akshat Shrivastava (@Akshat_World) December 21, 2024
“Every exotic holiday destination in India is relatively very expensive. Why? Since our real estate prices are exorbitant,”Shrivastava pointed out.
Oh, the domino effect; the skyrocketing prices of real estates have dealt a death blow to any business lined with the tourist industry and hospitality sector. Affordable accommodations for tourists, hotels, motels, and cottages, luxury accommodations have raised their charges, as property developers attempt to give back their high costs. Hence, local, restaurant, and other retailers such as those in shopping malls and recreation areas of central attraction enjoyments also suffer high operational costs to be compensated by customers.
The picture painted by data bears this out. Rates of land in tourist zone is ₹ 21,600/- per sq(ft) which is 150% of ₹ 8,500/- per sq(ft) in non-tourist areas. Property prices have multiplied ten times over the recent past as is evident in Ayodhya, while in specified zones in Bengaluru and Hyderabad property prices have appreciated nearly 90 percent since 2019.
A social media user summed it up saying you get a tea at ₹400 at airport, a pizza at ₹1000 at malls, and 3 BHK house costs ₹100 crore. One of the users said, “Every man needs to get back his real estate investments or rentals.”
As transpired from Colliers research report on India, the real estate sector in India holds the potential to touch $ 1 trillion investment by 2030 due to infrastructure development reworking structures, and the growing tourism industry. However, while for the tourist it has created new opportunities of business, the increase is making accommodations as well as other aspects of life too expensive for the regular traveler or the inhabitants of the area.
