Religious Cities to Grow Business

Real estate developers are eyeing religious cities for the next phase of growth where demand is high from both buyers and investors.

Cities like Ayodhya, Varansi, Vrindavan, Haridwar and Tirupati are seeing developers from Delhi and Mumbai acquiring land and launching projects.

Cities with religious significance consistently attract home buyers, both local residents and outsiders, for various purposes including personal use and investment. These cities are often chosen not only for their spiritual appeal but also as potential retirement destinations.

With lakhs of visitors flocking to these cities, the economic scenario of the area tends to improve, offering numerous opportunities and enhancing the purchasing power of residents and industrial development in these towns.

The Uttar Pradesh government has also been acquiring land in these cities to develop theme-based townships. It has planned a 1,000-acre township in Ayodhya which will be a blend of contemporary and traditional architectural elements.

Land prices and property-related transactions in the city have shot up by 50% since the ground breaking ceremony for a grand temple to Ram was performed in August 2020.

As per estimates from the Ram Temple Trust, the temple, has 80,000-100,000 visitors daily.

The administration has said it will offer all facilitation to investors under the present policies of subsidies and incentives.

Due to the regular inflow of tourists a lot of hotels have also come up in these cities. Rental markets for apartments and existing small house have taken an advance tech leap to come up on internet portals to get tenants from all over India.

This digitisation advancement has led to an increase in house rentals too as a religious city.