Hills Lead The Way: Nainital, Dehradun, Shimla See Spike In Real Estate Searches, Says Magicbricks

Hill stations such as Nainital, Dehradun, Shimla and Rishikesh have emerged as hotspots for residential searches, as per a report released by real estate platform Magicbricks. Among beach destinations, Goa has taken the lead.

Residential demand across lifestyle destinations, including hill stations, beach cities, and spiritual hubs has surged as homebuyers seek tranquil alternatives to crowded urban centers for holiday homes and long-term investments, the report highlighted.

Nainital recorded a 49.3% increase in residential searches in 2024, followed by Shimla seeing 33.7% growth, Dehradun 27.7% and Rishikesh 26.6%, it said.

This trend extends to spiritual hubs like Varanasi (11.8%), Puri (15.3%), and Shirdi 10.6%, where buyer interest is driven by affordability and tourism-led investment potential, Magicbricks added.

With residential prices remaining competitive— Rs 6,200 per sq. ft. in Varanasi, Rs 6,629 per sq. ft. in Puri, and Rs 4,598 per sq. ft. in Shirdi—these markets offer attractive opportunities for investors looking to capitalise on rising demand for holiday homes and short-term rentals.

Finance Minister Nirmala Sitharaman's recent announcement of Rs 20,000-crore initiative to enhance infrastructure and connectivity in India’s top tourist hubs will boost local real estate markets, Magicbricks said.

“Lifestyle destinations like Goa, Nainital, and Dehradun are already witnessing strong buyer interest, as investors seek second homes that can also serve as income-generating assets, further fueling real estate expansion in these high-demand locations,” said Sudhir Pai, chief executive officer of Magicbricks.

During the Budget 2025 speech, Sitharaman announced that India’s top 50 tourist destinations will be developed in partnership with states under a "challenge mode" framework, emphasising tourism as a key driver of employment-led growth. The government also unveiled a series of initiatives to improve infrastructure, skill development, and ease of travel.