What Varanasi’s Real Estate Market Can Expect from New PM
Varanasi was a sleeping city known for River Ganges and as the centre of Hindu culture until recent when it became the centre of Indian politics, as it saw the India’s Prime Ministerial candidate, Narendra Modi, standing from the city for the Lok Sabha elections. The city’s real estate too suddenly got a big boost due to this. The city also saw Modi win the elections from the city. With Modi being known as a development oriented statesman, there are several expectations from Varanasi’s realty sector.
Varanasi’s realty sector
Varanasi’s economy and realty sector is mainly driven by the tourism industry. The city’s realty sector witnessed a sudden boost when Narendra Modi chose to stand for the Lok Sabha (LS) elections from Varanasi, as the city gained international recognition. The city drew tourists from not only across the country, but across the world, who wanted to witness the country’s most anticipated electoral mandate.
The city is also slowly witnessing growing economic activity for some time, as it is an important economic centre in the entire region. According to few local brokers, the city was unaffected by the country’s economic downturn, primarily due to the affluent nature of residents. Real estate activity is on the upward trajectory in the city. In the last few years, the older and central areas have been witnessing a growing demand, apart from witnessing the emergence of few townships. Certain areas in the city command property values as high as Rs 4,000-7,000 per sq. ft.
The grim reality
While Varanasi is a growing tier-II city, there are also several problems that currently plague the city and affect its real estate growth. The roads leading to the city centre are narrow and jam-packed. Even the residential high-rises are quite far from the city centre and the connectivity to these residential areas are bad. According to a well-known real estate agent in the city, it takes about an hour to get out of the city and reach the residential area, which most residents don’t prefer. The city faces several civic problems. The River Ganges is completely polluted due to tourism, religious and other reasons. it also suffers from shortage of drinking water and electricity, while the waste disposal system is improper.
Apart from the infrastructure, several small scale industries such as the cottage, handloom and handicraft industries have taken a beating and are fighting for survival. Though Varanasi is tourism driven, unemployment is a major problem in the city.
Varanasi’s reality set to change
With Modi winning a LS seat from Varanasi and becoming the country’s next PM, Varanasi’s real estate has high expectations. Modi, being known as a development oriented statesman, is expected to develop Varanasi on the similar lines of Gujarat. Modi has also outlined his priorities for Varanasi. He has promised to revive the handloom and the handicrafts industry, and eliminate mafia while reviving the Ganga ghats. He has also promised to transform the city as the country’s cultural and intellectual capital.
Apart from these, there are other possible infrastructure developments. Modi is expected to revive the regional development plan of 1997-2000. The key element of this plan was to create a ring road that would help in decongesting the city. There are also 60 flyovers planned inside the city and connecting the banks of River Ganga. Modi is expected to create a university town and modern amenities around this ring road. Some also expect the Gujarat model of development to be replicated here.
These infrastructure and industrial developments are expected to boost the Varanasi industry and the real estate values here.
