Why is Varanasi the New Hub for Real Estate Investments?

Why is Varanasi the New Hub for Real Estate Investments?

Why is Varanasi the New Hub for Real Estate Investments?

Varanasi is among the most prominent cities in North India. Situated on the banks of the River Ganga, this city finds a special place in Hinduism and Jainism followers.  

This city is home to people preaching the values of humanity, spirituality, and simple life. The city attracts tourists from every part of India and globally every year.

Varanasi, or Benaras, captures high footfall from tourists every year, giving tourism the best opportunity to thrive. In view of this, many prominent real estate companies have started developing real estate in the scared region and gaining high-valued returns on their investment .

Top Reasons to Invest in Varanasi Residential Real Estate

Below are some important reasons for you to invest in a vibrant property in Varanasi :

Ideal for Families

The lifestyle of Varanasi is all about a mix of contemporary living in a religious style. Being a tier 2 city, Varanasi is relatively affordable compared to tier 1 cities such as Delhi, Chennai, Bangalore, Mumbai, and Kolkata. Therefore, the lower living costs in Varanasi make it an ideal place to live with a family .

Top Colleges

Varanasi has attracted scholars since ancient times. Not only is it a popular tourist destination in Uttar Pradesh, it has emerged as a hub for higher education. Getting a property in Sunderpur, Varanasi, can offer exceptional rental opportunities as students from several top-class colleges and universities often seek apartments in this locality.

Students and scholars from all over India search for hostels and co-living spaces in Varanasi, providing a bright opportunity for property owners to earn good ROI on Varanasi residential properties .

Things to Consider Before Investing in the Real Estate of Varanasi

Below are some crucial points to consider before investing in regional residential properties in Varanasi :

Safety and Security

Security is a paramount concern when it comes to property purchases. It’s important to research whether or not the area around a residential apartment is safe to occupy. It must be close to the nearest police station. The Roma Golf Link apartment   in D.L.W Colony will be the best choice if you’re looking for a safe bay.

Also, consider the property you’re interested in fulfilling the basic requirements, such as working CCTV cameras, trained security staff, and efficient fire extinguishing systems. These bring chances for more ROI than those without these facilities.

RERA Authorised

As per the Real Estate Regularity Authority Act 2016, a real estate project must protect the interests of homebuyers and promote transparency. Every commercial and residential property must be registered under RERA in the respective state.

Check out that every builder or residential or commercial property in Sunderpur, Varanasi, has its properties registered on the official RERA website of the Uttar Pradesh Government. Verify the property developer's details by visiting the official website. 

How do you invest in residential real estate in Varanasi?

Step 1: Set up your budget to invest in residential properties.

Step 2: Shortlist a few locations and conduct on-field research on them.

Step 3: Consult some trusted property consultants to understand real estate dynamics in the area.

Step 4: Finalise your choice and purchase the property after checking its RERA authority.

Step 5: Make payments for all necessary charges like stamp duty and registration charges to complete the property transfer under your name. Also, don’t forget to pay brokers or real estate consultants the service charges.

Step 6: Check out the important documents like the Title Deed, Encumbrance Certificate, Property Assessment Extract, etc .

Step 7: Finally, shift to your new home with an insurance plan .

Residential Real Estate vs Commercial Real Estate

Commercial real estate brings more returns than residential real estate properties. However, finding tenants for residential projects is comparatively easier than finding tenants for commercial properties. Moreover, investors get more tax benefits for residential real estate investments, which is usually not true with commercial real estate options.

Final Word

Almost every property in Varanasi  has generated substantial gains over time, thanks to the collective efforts of the state government and local stakeholders .

The city has witnessed incredible growth over the years. Every street of this religious city holds significance since ancient times. Situated on the River Ganga's banks, this city's real estate scenario city demonstrates economic rise and infrastructural growth.

 

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