Devotion, a New Factor Pushing Real Estate in India

June 29, 2007	(Be the first to rate this story!)  Loading ...
Print This Story   Email This Story Subscribe Newsletter

Now, faith will drive the demand for residential property in holy places as the example has been set in Haridwar, one of India’s holiest places for Hindus. Recently, some 30,000 flats have taken shape here.

Arun Dev Builders, one of the prominent names in Indian real estate, informs to have received bookings for 10,000 flats in the price band of Rs 4.4 lakh to Rs 7.5 lakh per unit.

Religious passion among people has emerged as a new factor pushing the growth of real estate. Interestingly, a realty boom is likely to be underway in holy cities across India.

Rishikesh and Haridwar are the two most popular holy pilgrims which are witnessing large real estate developments.  This is the scenario in Northern India. Taking the case of Southern India, property prices in Guruvayoor, a small town in the state of Kerala are going through the roof with Rs 700 per sq ft. in 1990 to Rs 2,500 per sq ft. in 2007.  The demand for residential property is taking shape because of the town’s major highlight – Sri Krishna Temple.

The ongoing trend has certainly brought excellent prospects for property developers who have lined up to construct different units from studio apartments and two bedroom house to independent villas.

Earlier, NRIs and other real estate enthusiasts used to opt for these places to build their second home here, says Sanjeev J. Aeren, managing director, AEZ Group of companies. The firm also has recently come up with a residential project, Aloha Rishikesh on the banks of holy river Ganga in Uttaranchal. The project features 178 exclusive furnished residential units. Indeed, some of them have their own terrace gardens.

News Published Under:   Real Estate India |

Comments