There was a time when the most expensive real estate in the country was considered to be only in metros like Delhi, Mumbai and Bengaluru, but now the picture is changing. Big religious and tourism projects like Ram Temple, Jagannath Temple and Kashi Vishwanath Corridor have made many religious cities of the country the new real estate hotspots. In some pilgrimage cities, the cost of buying and renting a house is equal to or even higher than select areas of the capital Delhi. A 2BHK flat of 900 square feet is available for around Rs 55 lakh in Saket, a posh area in the southern part of Delhi. Whereas, the average price of 2BHK flat in Ayodhya is Rs 90 lakh. Prices in Varanasi are also higher than Delhi. There also the price of the flat has crossed Rs 70 lakh.
According to Magicbricks data, prices are increasing faster in religious cities than in Delhi. After the inauguration of Ram temple, Ayodhya has become one of the fastest growing real estate markets of the country. After the new airport and railway station upgrade, the city has become the choice of investors. This is the reason why now the price of a 2BHK flat here has reached Rs 90 lakh. This means that in terms of buying a house, Ayodhya has now overtaken many areas of South Delhi.
Crowd of investors increased around Jagannath Dham
Not only Ayodhya, Puri city of Odisha was earlier known only for religious tourism, but now hotel, home-stay and holiday home investment is increasing rapidly here. Due to Jagannath Temple and sea tourism, residential demand has increased here. The price of 2BHK flat in the city has reached Rs 70 to 85 lakh.
Source- Magicbricks
In Varanasi too, there has been a big boom in the property market due to religious tourism. A 605 sqft 2BHK flat in Sri Sai City, Dasepur is listed on Magicbricks for Rs 70 lakh. Many flats in this project are available between Rs 65-68 lakh. Due to Kashi Vishwanath Corridor, better road network and increase in tourism, Varanasi is now becoming the choice of investors.
Gorakhpur is also not behind
The market of Gorakhpur is also hot due to infrastructure projects like Gorakhnath Temple and Purvanchal Expressway. According to Magicbricks data, a 640 sqft 2BHK house in Gorakhnath area is available for Rs 57 lakh. That means the price per square foot is around Rs 8,900, which is equal to many big cities. Also, being Gorakhpur University, the room rent is also quite expensive.
Why are prices increasing?
- Record increase in religious tourism
- Connectivity projects like airports, highways and railways
- Purchase by investors for holiday homes and rental income
How much is the rent for a 2BHK flat?
In developed areas like Saket of Delhi, where the monthly rent of a 2BHK flat has reached around Rs 49 thousand, religious cities are also fast approaching this level. After the construction of Ram temple in Ayodhya, the rent of 2BHK flat has reached 20 to 30 thousand rupees per month, in Puri it has reached 15 to 25 thousand rupees and in Varanasi it has reached 18 to 30 thousand rupees. Even in Gorakhpur, the rent of 2BHK houses is being seen between Rs 15 to 22 thousand. It is clear that due to religious tourism and increasing investment, the rental market of these cities has now become based not only on local demand but also on the needs of investors and devotees coming from all over the country.
The capital Delhi was once considered the symbol of the most expensive real estate market in the country, but now religious tourism and infrastructure investment have given such momentum to many pilgrimage cities that they have started challenging Delhi in terms of prices. This difference may appear to reduce further in the coming years.
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