A slice of paradise for Rs 8.5 cr

Property prices shoot up in unexplored Andaman & Nicobar Islands that boasts Asia's best beaches

Looking for a holiday home along the best beaches of Asia in Haverlock Islands? You may have to cough up Rs 8.5 crore per acre for a prized possession in the tourist hotspot in the Andaman and Nicobar Islands. And if you are willing to own a property in Port Blair, the capital of the "veritable Garden of Eden", as the tourism department of the union territory terms it, you may have to pay a little less -- Rs 3.5 crore per acre. According to real estate experts, the union territory's proximity with hot tourist destinations such as Thailand may help attract prospective buyers in hoards.


Hot property: A Nagpur-based builder has already started selling plots
and villas in the Andaman and Nicobar Islands.

And to reap the advantage of being an early bird to venture into the unexplored territory, a Nagpur-based builder has already started selling plots and villas in the Andaman and Nicobar Islands. During the Maharashtra Chamber of Housing Industry (MCHI) exhibition, held between April 14 and 17u00a0 at Bandra Kurla Complex, many asked sales representatives whether an Indian could buy land in the island. Deputy Commissioner Ashok Kumar of the Andaman and Nicobar Island administration said, "The union territory is part of India and any Indian resident can buy a property over here, except for a few restricted places in Nicobar Islands. The government is planning several developments projects in the area."

So the builder is now planning to attract Mumbaikars and is targeting buyers from the higher class and the upper middle class. "We are sure that people would go and buy villas over there as it could be a second home option for them. The union territory is untouched and the government over there is taking all precautions to ensure that it remains the same," said Vijay Shelke, CMD, Infratech Real Estate.While the builders think that they will be able to attract buyers easily, property brokers are a bit skeptical. Vibhoo Mehra, a realtor from the western suburbs, said, "Not many people are aware of the islands and hence it would be difficult to market it."

But Anil Sharma, a resident of Port Blair who is associated with the real estate industry, had a rather strange reason for the shooting property prices. "It was only after the tsunami disaster that the island came into prominence. Nearly seven years ago, land prices in Havelock, which boasts of Asia's best beach Radha Nagar, was only Rs 50 lakh per acre, but now the prices have shot up to Rs 8.5 crore. Same is the case with Port Blair."