Exploring Property in Varanasi

Popularly known for its mystical views of the ghats at dusk and dawn, people, particularly those belonging to Hinduism, travel from across the country and around the world on a holy expedition to Varanasi. This lively and picturesque city has existed since the beginning of time. Having witnessed generations come and go, it is now on the verge of undergoing a massive transformation. Being on the latest list of Smart Cities Projects, Varanasi has attracted huge government development budgets.

In addition to affecting land prices, the significant infrastructure push for the heritage town, the redesigned Kashi Vishwanath Corridor, which opens in 2021 and links the historic Kashi Vishwanath temple to the Ganga ghats, long-term projects like the extension of the airport runway, and infrastructure modifications like the new Ring Road have all affected visitor numbers and the city's overall economy.

Introduction to Varanasi's Real Estate Market

Many real estate development projects are gearing up to attract national and global investors. Additionally, the 124 investors who will establish their businesses in Varanasi will create some 43,000 jobs. The city's burgeoning tourism industry has increased demand for places to stay, places to eat, and shops. The need for residential real estate has also increased due to population growth and a migration wave.

Overview of Varanasi's real estate landscape

It is normal to find home seekers who prefer apartments or floor flats because of the reduced price and minimised maintenance work. They can be found in several sizes and options to fit the budgets of people. Besides, villas and bungalows of a higher standing ensure the residents a luxurious way of living in a house with more space and comfort than is possible to make in Varanasi. Besides this, investors who seek to gain from the area's tourism and cultural aspects, such as restaurants, hotels, and other recreational facilities, will want to invest in specific business sectors. Companies operating in these high-traffic places like this eateries, luxury hotels and malls could make impressive sales.

Growth trends and developments in the property sector

The Wellbeing of Varanasi Scheme, a strategic plan of the Uttar Pradesh Government responsible for the organised development and infrastructure of a city, can be used to improve infrastructure and sustainability. It was created by the Varanasi Development Authority, known as the Development Authority, before the year 2031.  
The major target of this master plan is setting up the city's infrastructure, which includes, among other things, providing an established water service, efficient waste management system, and shared transport network facilities. The conservation of the temples, ghats, and other facets of the city's particular architecture and historical and cultural legacy is also one of the important messages of the lesson. Another key element is the master plan project, which focuses on enhancing economic growth through stimulating trade, industry, and tourism. Let us look at some more aims this master plan will strive to achieve:

• Providing land for multiple urban uses.
• Constantly monitor unplanned developments.
• Control population growth in the ancient part of the city.
• Organised planning of commercial activities and facilities.
• Cater to different income groups in terms of housing and amenities.
• Development of commercial and industrial zones for systemised transport.
• Provide ample guidance to development authorities.
• Work towards the conservation of cultural and historical sites.
• Planning and development of suitable roads.
• Promotion of organised development.

Why Invest in Property in Varanasi

Economic and Infrastructural Growth

The government's primary goal is the development of infrastructure. Hundreds of millions of rupees have been spent on building flyovers, bridges, and roads that help people move within the city and to external areas. The government announced several infrastructural initiatives, which were also the subject of the debate in Varanasi. These projects have reduced traffic congestion and improved access to the city for both businesses and tourists.

Examples of these projects include the construction of the Four-Lane Road-over Bridge (ROB) on Babatpur-Kapsethi-Bhadohi Road, the Bridge on the Varuna River on Central Jail Road, the widening of Pindra-Kathiraon Road, the widening of Phoolpur-Sindhaura Link Road, the strengthening and building of eight rural roads, the construction of seven PMGSY (The Pradhan Mantri Gram Sadak Yojana) roads, and the widening of Dharsauna-Sindhaura Road.

Infrastructure development is on the rise. Athletes now have more options in the city thanks to the first phase of Sigra Stadium's renovation and modernisation, which was completed at a cost of Rs 93.02 crore by the Varanasi Smart City project. Furthermore, a lot of residential and commercial centres are being built in the city.

Overview of Varanasi's Economic Growth Drivers

Silk weaving, carpet manufacturing, and tourism employ a large number of the city’s population. Furthermore, its ghats and temples attract millions of visitors around the world. With 2.7 million residents as of 2020, Varanasi is predicted to have a GDP per capita of $5,9,900. Among the 358 cities in Asia, Varanasi is the 42nd most populous and has the 347th highest GDP per capita among them. There are over 1.2 million workers in Varanasi. With 46.82⁩% of all workers in the city, the trade and transportation sectors make up the main industry in Varanasi. One prime example is that of Miscellaneous Store Retailers, who comprise 33.15% of all the jobs in the city. 

Infrastructure projects enhancing connectivity and livability

The foundation stone for multiple developmental projects, valued over Rs. 19,150, was laid by the government last year.  The New Pandit Deendayal Upadhyay Nagar-New Bhaupur Dedicated Freight Corridor Project, the Varanasi-New Delhi Vande Bharat Express train, and other railway projects are among the major undertakings. The government also officially opened two Railway Over Bridges (ROBs) and the Shivpur-Phulwaria-Lahartara road, as well as the 10,000th locomotive built by Banaras Locomotive Works. Several additional projects were also launched, including the Sangam Ghat road in Kaithi village, infrastructure in the health sector, and road strengthening. 

Types of Properties Available in Varanasi

Varanasi boasts a good range of residential and commercial properties be it flats, apartments, plots/villas, or commercial spaces.

Residential Properties

The city of Varanasi has breathtaking vistas of the Ghats, especially during dawn and dusk. To Jains and Hindus, the Holy City is a location filled with devotion and visitation. Travellers who come from all over the world visit the city to partake in a spiritual experience along the Ganges. In Hinduism culture, this is one of the oldest cities in the world.

Varanasi has found itself on the State Government of India's Smart Cities list. Prominent Indian investors and real estate developers have taken notice of this declaration, expecting this city to yield exceptional returns. A residential property in Varanasi guarantees several other advantages, like excellent services, convenient access to educational facilities, seamless connectivity, and much more.  
Let us look at some of the residential projects in Varanasi:

Sri Krishna Vilas

Located in the Lahartara area of the city, this under-construction residential project offers 2 and 3 BHK Apartments and is spread across 10,724 square metres. Developed by Shreema Infrarealty Pvt. Ltd., this residential haven is surrounded by 70% lush green cover, making Sri Krishna Vilas a highly sustainable place to reside.

Roma Golf Link Apartment

A luxurious residential offering by the Roma Builder, this project is located in the Sunderpur area of the city and is spread across 5018 square metres. This ready-to-move project offers 2 BHK apartments.

Awadh Ambrosia

An affordable residential offering by the Awadh Group, this under-construction project offers 2 and 3 BHK Apartments. Built by the Awadh Group, this residential property is situated in the city of Harahua.

Rudra Shobagyam

Constructed by Rudra Real Estate, this under-construction residential project offers luxurious 2 and 3 BHK Apartments and is located in the Harahua area of Varanasi. It features three towers with fourteen floors each.

Rudra Adharshila

Sprawling across 3,337 square metres, this luxurious residential offering features 2 and 3 BHK Apartments. Built by Rudra Real Estate, this residential project hosts a lot of amenities.

Uma Nilayam

Sprawling across a land parcel of 12,909 square metres, this Uma Nilayam under-construction residential project offers 2 and 3 BHK Apartments and is located in the Ramnagar area of Varanasi.

Some pointers to consider before investing in Varanasi’s residential projects

Exploring Property in Varanasi The Varanasi Development Authority (A wing of the Uttar Pradesh Government) has been tasked with ensuring planned development in the city. Thus, homebuyers, before opting for any residential project, must verify whether the project is VDA-approved.

Security: It is advisable that you investigate the area's criminal history and how close the closest police station is. It is advisable to take into account whether the property in which you are investing is implementing security measures for the tenants. The buildings with operating CCTV cameras, security workers, and fire extinguishing systems provide opportunities for more ROI than those with no such protections.

RERA-Registered: Enacted in 2016, the Real Estate Regularity Authority Act aims to safeguard purchasers' rights and encourage openness in the real estate sector, which was not previously governed. Per this Act, every residential and commercial property must be registered under the appropriate state's RERA. Each broker and builder in Varanasi is required to register their properties on the UP government's official RERA website. By going here, you can confirm the information about the residential properties you've shortlisted.

Amenities: Every homebuyer seeks amenities that fulfil the basic needs of his/her family. For instance, 24/7 water supply, open walking spaces, 24/7 electricity supply, gymnasium, medical facilities, grocery, etc., are some basic amenities that every homebuyer sees before opting for a residential haven.

Commercial Properties

Every day, 240 trains and more than 3,60,000 passengers pass through Varanasi, which contributes significantly to its connectivity. As a result, Varanasi's need for commercial real estate is growing along with its infrastructure and connectivity. One of the most prominent upcoming commercial developments in Varanasi is Aditri Kashi Nilayam.

Here are a few things to consider before investing in a commercial property in Varanasi:

Connectivity: Varanasi has excellent air, rail, and road connections, making many significant parts of the city easily accessible. It immediately connects some of the major highways, including NH 19, 223, 35, 31, and 7. Additionally, it boasts an inland harbour that spans nearly 34 hectares and handles 1.26 million metric tons of freight a year.

Infrastructural Progress: Both public and civic governments are gradually developing Varanasi's infrastructure. As portions of the city contaminated with hazardous metals and industrial chemicals are being cleaned up, Varanasi is becoming a good place to conduct real estate business.

Tips for Buying Property in Varanasi

Research: It is crucial to conduct in-depth research on the property, the developer, and the current market conditions. Due diligence helps make an informed investing decision.

Affordability: When investing in real estate, it's imperative to establish and adhere to a budget. Buyers need to assess their financial situation and select homes that fit within their means.

Seek Professional Advice: Local real estate brokers can offer insightful advice because they are well-versed in the market. Buyers might be aided in making educated decisions by consulting with them.

Conclusion: Unlocking the Potential of Property in Varanasi

Would you like to own a perennial part of India’s spiritual and cultural treasure? Yes, you can find it in purchasing real estate in Varanasi. The city is often predominantly chosen by those interested in buying or investing in properties because of its rich history of development, flourishing tourism area, and budding infrastructure. While the eventual outcome of investing may be profitable and productive, the investor would be well advised to conduct competent research, abide by legal issues, and make foolproof, well-informed decisions.