A decade ago, who would have thought that cities like Haridwar, Mathura, Tirupati or Puri would evolve as realty hotspots? The way these temple towns have metamorphosed into potential investment destinations is nothing short of remarkable.
People who invested when the land was cheap have already garnered huge returns, much above their expectations. Wondering why? Well, because religion is not affected by the slowdown. Also, for the majority of Indians, religion is a way of life. Not to mention, with soaring property values in metropolitan cities, Tier II and III cities are emerging as great alternatives. Lastly, apart from the spiritual pursuit, buying a residential unit in these cities come bundled with several benefits. One can use them as a second home or a retirement home.
Realising the immense potential, several developers have already launched projects in temple towns to capitalise on the growing housing demand. In this post, we present you three Indian cities where religion drives real estate.
Haridwar
Strategically located at the point where the Ganges River emerges from the Himalaya, Haridwar is Uttarakhand’s holiest city. Every evening the river alive as floating offerings are released on to the Ganges. Because of its proximity to foothills, it is also the weekend getaway destination for many residents of North India.
Connectivity: Apart from robust road connectivity, Haridwar enjoys direct rail connectivity from major cities like Kolkata, Delhi, Mumbai, Jaipur, and Ahmedabad. The nearest airport is Jolly Grant Airport in Dehradun, which is about 35km from Haridwar.
Growth drivers: Over the last decade, Haridwar has rapidly evolved as an important industrial township in the Indian state of Uttarakhand. Thanks to the State Industrial Development Corporation of Uttarakhand (SIDCUL), which has over 650 companies. Spread across 2,034 acres, it houses leading companies such as ITC, Hindustan Unilever Limited, Dabur, Mahindra & Mahindra, Havells and Kirby.
Haridwar is also an important education destination. Some of the leading universities include Gurukul Kangri University, Dev Sanskriti Vishwavidyalaya, and Uttarakhand Sanskrit University. Delhi Public School and Kendriya Vidyalaya are two renowned schools in the city.
Real estate market: Local developers occupy a significant share of the market. Delhi-based developers such as Supertech and CHD Developers have also launched their projects in the city.
In terms of property type, plots and independent houses dominate the spectrum. Interestingly, the apartment culture is also growing rapidly. On average, the property rates are in the range of Rs 1,800-2,500 per sq. ft.
Tirupati
One of the globe’s largest pilgrimage destinations, Tirupati attracts about 60,000 pilgrims every day. Situated about 150km from Chennai and 250km from Bangalore, Tirupati in Andhra Pradesh is known for the Venkateswara Swamy temple.
Connectivity: Tirupati enjoys excellent road connectivity from Chennai and Bangalore. Additionally, it also enjoys rail and air connectivity. Sri Venkateswara Airport is located 15km from the city centre and has regular flights to Coimbatore, Hyderabad, Kolkata, Mumbai, New Delhi, Vijayawada, and Visakhapatnam.
Growth drivers: Apart from tourism, Tirupati is also known for Sri Venkateshwara Mobile and Electronics Manufacturing Hub. Spread across 122 acres, it houses companies like Celkon. Micromax, Karbonn, and Lava. Like Haridwar, it is also a popular education hub with the presence of several universities. These include the Indian Institute of Technology Tirupati, Indian Culinary Institute, Sri Venkateswara University, among others. There are also various research establishments.
Real estate market: Interestingly, the city gets a lot of demand from the non-resident Indians. This also explains slightly higher property prices. Apart from regular apartments and houses, Tirupati also boasts of service apartments.
On average, the property rates are in the range of Rs 2,500-5,500 per sq. ft. However, if you are looking for plots, you can find something in the range of Rs 500-1,000 per sq. ft.
Mathura
Famed for being the birthplace of the Hindu god Krishna, Mathura also attracts floods of pilgrims. The town is dotted with temples from various ages and the stretch of the sacred Yamuna River that flows past here. Mathura is also one of the heritage cities for the Heritage City Development and Augmentation Yojana scheme of Government of India.
Connectivity: Mathura is situated on the major Delhi-Mumbai train route. Both Central railway and Western Railway routes pass through Mathura. The construction of the airport is now underway.
Growth drivers: Mathura Refinery is one of the biggest oil refineries in Asia. In terms of education, GLA University, Sachdeva Institute of Technology, U.P. Pt. Deen Dayal Upadhyaya Veterinary Science University and Cattle Research Institute, and Sanskriti University are some of the popular names.
Real estate market: For people from the Delhi-NCR, it is an ideal second home destination. The demand is also driven by NRIs, who relocate to Mathura in search of inner peace.
On average, the property values are in the range of Rs 2,300 – 4,000 per sq. ft. Some major developers include CHD Developers, Giriraj Apartments, and Pushpanjali Constructions.
