Nainital is a paradise for people who cherish to spend days in the solitude and fresh air of the mountains. Being situated near Delhi and other major cities of Northern India, the place is visited by a category of people who want to stay here for a longer period of time. They want to relax and de-stress themselves from the hectic city life. Such people are mainly professionals who regularly take a break from their work to rejuvenate themselves for new challenges.
Due to frequent visits, they prefer buying an accommodation in Nainital to avoid the inconvenience and the high cost of staying in a hotel. As a result, the property rates in and around the place have gone up thereby giving a boost to the Nainital property market.
If you are interested, then you can find both fully-furnished and raw accommodations for yourself. The property dealers take the onus of buying a property for you. He takes you to the desired locations, arranges a meeting with the seller, negotiates a price on your behalf, and completes the documentation work. All this is for a reasonable commission amount.
The property rates vary according to the proximity of the location to the Nainital town. The more you move away from the town, lesser will be the rate. Various buying options are flats, bungalows, cottages, and a room in a resort. They are provided with basic fittings and fixtures.
As Nainital has one of the renowned educational institutes of the country, family members of the students visit the place frequently to meet their children. Such people also form an important consumer segment of the property market.
Instead of selling an accommodation, many locals have started letting out a room or a flat for an amount that is much lower than the hotel rent. For some, it has become a full-fledged business in which they also provide meals to their guests. They usually have a tie-up with the property dealers who bring them the interested parties against the brokerage fee. Alternatively, they put a hoarding outside their let-out accommodation for people to see. Overall, renting has become a profitable business in Nainital.
There is an equal boom in the commercial property market. Renting of commercial shops, office complex, showrooms, garages, warehouses, etc. are in high demand. The rent structure is variable. It is high during peak seasons and at its lowest during winters.