Emerging Property Market in Allahabad

Allahabad, in Uttar Pradesh is an ancient city dating back to 1100 B.C. It finds mention in the Vedas as well. Situated at the confluence of three holy rivers: the Ganges, Yamuna and the mystical Saraswati; Allahabad (also known as Prayag) is the King of all sacred places in India. It attracts lakhs of devotees and tourists from around the world for its Maha Kumbh Mela held every twelve years. The Ardh Kumbh Mela held every six years is equally significant for the followers of Hinduism.When in Allahabad, one can’t miss the Sangam (confluence) that is alive with important fairs and festivals all year through when the Mela’s are not due. The famous reclining idol of Lord Hanuman, the Allahabad Fort that houses one of the two famous Ashokan pillars (the other is in Kaushambi), and the All Saints Cathedral, an art of colonial architecture are the high points about tourism in Allahabad.

Allahabad has been a center point in Northern India since its existence. It is one of the most politically active and spiritually awakened cities of India. The strong social and physical infrastructure in Allahabad has made this city the hub of strong and mighty players in every sector- be it educational, commercial or administration. It is well linked to important cities like Delhi, Lucknow, Patna, Kolkatta and the rest of the India through rail, road and airways. It is a section of the highly ambitious Golden Quadrilateral linking Delhi, Mumbai, Chennai and Kolkatta. On completion, this shall open up a world of business investments in Allahabad as communication and accessibility is vital for every trade.

Keen observers of Allahabad real state market have predicted that the city shall see more action in the property market. Pro active measures taken by the government to improve and upgrade the tariff/tax system clubbed with designing innovative public-private partnerships in infrastructural ventures are sure to gain trust of investors within and outside Allahabad. The real estate in Allahabad is targeted to offer a quality urban image exuded by its man made and natural heritage. Foreign investors in collaboration with local nationalized banks are funding mega projects in the city. Due to its logistical importance, Allahabad offers an excellent site for real estate investments.

Price of commercial as well residential properties in Allahabad are at an all time high as the city is swept by the property boom in the country. However, soaring interest rates on loans have stabilized the market but the investors still stand a chance to gain in the long run.

The stable market encourages the foreign investor to look into investment opportunities in the city, which the city offers. The government policy of 100 percent foreign direct investment in real estate has pumped in enough currencies into the real estate market.

Upcoming Real Estate Projects

The first multiplex of Allahabad, a project of Fame Cinemas, will be part of a massive mall spanning 150,000 sq.ft. in the heart of the city. Another movie experience will be provided when Cinemax India opens up their mega multiplex.

Inox Leisure Ltd., a subsidiary of Gujarat Flurochemicals has proposed to construct a couple of more shopping malls, to let the people of Allahabad experience the in vogue shopping experience.