Regarded as the most ancient living city in the world, Varanasi evokes exotic and spiritual feelings. The fact that the city is a maze of narrow lanes and bylanes makes the real estate sector follow its own typical pattern.
The traditional mindset of the people here has resulted in only the properties in established and old areas witnessing a surge in prices. Buyers are still reluctant to move to new areas. “People do not prefer to invest in new areas that are being developed due to the age-old mindset of the people,” said VN Singh a prominent property developer and investor.
The city, well known for zari-zardozi work, weaving and Banarasi sarees, is flush with funds leading to property prices being comparatively higher than other large cities in Uttar Pradesh.
The commercial hubs are Sigra, Mahmoorganj, Ardali Bazaar, Lanka, Gadaulia and Lahurabir. Lease rents for an office space in Sigra range from Rs 40-50 per sq ft a month; Mahmoorganj Rs 30-40 and Lahurabir Rs 25-30. While the lease rent could go much higher — by about 20% — in these areas if the property is located on the ground floor with good frontage. Commercial property rates for outright purchase in these areas range between Rs 3,000 and Rs 5,500 per sq ft.
Development and marketing of flats, both residential and commercial, in the city is mostly dominated by the local builders, some of whom have executed large projects and have acquired credibility among the locals. Big names like Unitech, Ansals and Sahara Housing have now started initiating housing projects.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment