‘Taj Mahal’ Brings BIG Construction Prospects for Developers

July 10, 2007	(2 votes, average: 1.5 out of 5)  Loading ...
Print This Story   Email This Story Subscribe Newsletter

The inclusion of Taj Mahal, the architectural marvel located in Agra, in the most desired list of Seven Wonders of the World is likely to give a huge boost to tourism in the city. This is clearly indicative of increased real estate and retail in the city.

In a bid to avail new real estate prospects, builders and consultants across the country were keenly awaiting the results.

Residential property in Agra is soon to witness a 15-20% increase in the wake of Taj Mahal being a frontrunner out of seven chosen wonders. With the increased inflow of tourists, the retail sector in Agra is expected to flourish at a fast pace.

The Taj Mahal is also going to bring merry time for already established retail stores such as Taneja and Adlabs – selling handicrafts and ethnic artifacts located near the monument. Prominent developers in Indian real estate such as Ansals, Parsvnath, Omaxe, and Unitech have starting scouting opportunities near the Delhi-Agra highway, spread across several lakh hectares, says Anuj Puri, managing director, Jones Lang LaSalle Meghraj.

At present, retail property in Agra is available for Rs 6,500-Rs 9,000 per sq ft. Rates of residential property hover around Rs 3,500 – Rs 4,000 per sq ft. The Taj Mahal is definitely going to prove bliss for property market in Agra, says architect Hafeez Contractor.

However, Agra requires improvising on its infrastructure facilities. Developers say to bring exclusive residential towers in the city if there is better road connectivity, entertainment venues, and large hotels. The infrastructure should be more tourist-friendly to cater unique needs of the foreign population coming to visit the place.

News Published Under:   Real Estate India |

Comments