Holy Cities in UP Reaping Real Estate Cash

Varanasi Real Estate:

Varanasi, the holiest of India’s cities, has a parallel commercial importance created by artisans and traders. It has been a traditional trading hub, and known the world over for its silk and brassware. Its neighbouring towns Bhadoi and Mirzapur are the source of its carpet industry. The presence of public sector giants Bharat Heavy Electrical Ltd and the Diesel Locomotive Works have also provided employment in the city.

Varanasi’s commercial significance will heighten once the Bhadoi SEZ is approved by the Centre. Purva Economic Zone aims at investment up to Rs. 2 – 3,000 crore in the first 5 years This Zone is proposed between Varanasi and Bhadohi close to Babatpur International Airport at Varanasi, and will be the biggest manufacturing & export centre for silk and carpets in India.

Preliminary notifications for the acquisition of an initial core area of approximately200 hectares have been issued.Amongst other real estate projects in Varanasi catering primarily to the devout, established property developer Unitech has announced a large-scale 1500 acre integrated township project. A mixed use of this property will include a residential colony of plots, villas and apartments, institutional and commercial spaces, an IT Park, retail space and a hotel. This 8-year project is due to start in August 2007. A techno-residential concept from Sahara will be executed in Varanasi in its first phase of Sahara townships across the country.

Mathura Real Estate

Advantageously located on the Delhi-Mumbai rail route, within 50 kms of Agra and 150 kms from Delhi, Mathura has a religious and commercial significance. A much frequented pilgrimage, and host to Indian Oil’s refinery, the town is surcharged with real estate activity ever since the realty boom began in the NCR. As the spiritually inclined look for homes around pilgrimage centres, state-of the art townships are in the making in Mathura.

Commercial Property: The Shri Group has established its credentials in Mathura with a string of quality projects. The Highway Plaza mall is a landmark on the Agra-Delhi Highway, a business cum shopping complex which will serve the tourist and business traffic on this section of NH 8 in addition to the local residents.

Residential Property: The trend towards theme townships is very evident in this holy city. Coming up on 2500 acres on NH8 is a marquee project from SunCity. A high-tech economically self-sustaining township towards Vrindavan will feature a theme city focused on the cultural and mythological aspects of Mathura, with museums, forests, artisan’s villages and an infotainment center amongst others. A ‘gurukul’ with an international syllabus will co-exist with centres of spiritual upliftment.The Shri Group’s projects include the Radha Puram Estate, an elegantly designed township of villas on the Delhi Road, Shri Brij Vasundhara, is a township of duplex luxury cottages provided with a library, meditation centre, recreational and fitness facilities. Shri Radha Puram, Radha Orchids, Radha Farms and Radha Highway Farms are other prestigious residential properties in Mathura.

Pushpanjali Constructions is working on PP Town, a township of plots, villas and apartments, and Prabhatam Developers has revealed its plans of a theme township project as well in Mathura.

Vrindavan Real Estate

15 kms away from Mathura, Vrindavan’s popularity has grown over the years as a residence of choice for the retired, senior citizen and the regular pilgrim. Tapping its potential for real estate development, a number of residential projects by reputed property developers have been executed and are under construction.

Triveni Infrastructure Development Company (TIDCO)’s Triveni Krishna Vatika is an exclusive theme township completely in harmony with the spiritual ambience of Vrindavan. CHDL’s Sri Krishnalok is an effort in the same direction offering 1-3 BHK apartments. Construction of farmhouses in Aryan’s Arropoli by Aryan Buildtech is in full swing, while Pushpanjali Baikunth Township by Pushpanjali Constructions is due for launch. Space Buildwell will be launching their Ananta Vrindaban project with a choice of flats and penthouses, while PSA Buildwell is setting up fully furnished farmhouses off NH 8 near Vrindavan.

The Mathura-Vrindavan real estate market is gaining popularity from residents of the NCR looking for a second home or seeking a weekend getaway.