Varanasi’s Realty May Get a Sudden Boost
Varanasi is one of the oldest cities in the country. The home of one of the earliest universities in the world and a sacred place for Hindus worldwide, Varanasi has been gaining some importance as a Tier II city recently when it comes to real estate. However, owing to this year’s general elections and sudden increase in political heat, the city may be expected to get a sudden boost to its realty market.
Varanasi real estate
One may know Varanasi as an ancient city filled with pilgrims visiting the Ganges River. However, Varanasi also has a modern face. The city has been witnessing growing economic activity for some time. In fact, according to few well-known local brokers, the city was unaffected by the economic downturn in the country due to the affluent nature of residents. Similarly, real estate activity too is on the upward trajectory here. In the last decade, the central and older areas have been witnessing increasing demand, apart from witnessing the emergence of few townships. Certain important areas command property values of up to Rs 4,000-7,000 per sq. ft.
The city is an important economic centre in the entire region. It has a thriving hotel industry due to immigrants and pilgrims who keep visiting the city all over the year. As such, the city sees continuous improved residential and commercial real estate activity.
Elections turn Varanasi into a tourist destination
The upcoming Lok Sabha election is expected to give an added boost to the economy of Varanasi, especially as BJP’s Prime Ministerial candidate Narendra Modi has announced to contest election from here. From the time since Modi made the announcement, Varanasi has started seeing more tourists. The city is witnessing tourists not only from other parts of India, but also from other countries, who are here to witness the ‘Festival of Democracy’. What is making the scene hotter is the expected announcement of Arvind Kejriwal, the leader of Aam Admi Party, to fight against Modi from the same constituency.
For cashing in the opportunity, several travel operators around the country as well as few other foreign countries are offering tour packages for people who would want to witness this electoral showdown in April. Interestingly, there is a good response for these packages from tourists. Most of these packages include food, accommodation, a visit to the pilgrim centres in Varanasi, an opportunity to meet important political leaders, visit to party offices and political rallies.
‘Modi factor’ may help boost Varanasi’s realty
Varanasi is already witnessing a huge influx of tourists. The influx of tourists during the election time is expected to bring more business opportunities for hotel owners as well as other businessmen. With an improvement in election-time demand for accommodation, one can expect a good boost for the city’s realty sector. Additionally, Modi has also been projected as a development-oriented politician. The development in Gujarat in terms of industrial growth as well as infrastructure growth are evidences of his development policies. Moreover, his policies have also led to an improvement in the real estate sector of the state.
Modi’s development model has made waves across the country as well as foreign countries. This ‘Modi model’, coupled with his political ideology may be expected to be welcome by majority of Varanasi.
No one can say how the city’s real estate will do after the elections, as it depends on the growth and sustainability of tourists as well as immigrants. It also depends on whether the ‘Modi model’ will work in Varanasi after the elections. However, for the present, one can expect the increasing influx of tourists during the election season to give a big boost to Varanasi’s real estate sector.
