john_india
07-10-2007, 04:27 AM
Property developers and consultants across the world are keenly watching the inclusion of the Taj Mahal as one of the new Seven Wonders of the World.
The architectural marvel located in Agra has already been a tourist destination for several hundred years, but its inclusion in the coveted list is expected to further drive tourism--and give real estate and retail in the city a new fillip.
There will soon be a 15-20% appreciation in demand for residential property in Agra’s prime locations. Moreover, with the increased inflow of tourists, the retail segment is expected to thrive. There are already two prominent malls--Taneja and Adlabs—selling handicrafts and ethnic artefacts located near the Taj Mahal. These malls will now get a huge boost.
Developers like Parsavnath, Omax, Ansals and Unitech have started eyeing huge residential and retail developments near the Delhi-Agra highway, spread across several lakh hectares. Currently, retail properties in and around Agra are priced at Rs 6,500-9,000 a sq ft. Residential property, on the other hand, is available from Rs 3,500-4,000 a sq ft.
The Taj Mahal is all set to boost the real estate market in Agra. Agra should now see a shift in population from Tier-I cities, provided the infrastructure supports it. There will definitely be increase in developing residential towers in Agra if there is better road connectivity, entertainment centres and large hotels. The government will create more tourist-friendly infrastructure in places where tourist footfalls are counted in the millions.
So we can sum up:
20% demand growth for residential property in prime locations expected
Malls in the precincts of the Taj likely to see a huge boost in demand
Agra could now see a significant shift in population from Tier-I cities
The architectural marvel located in Agra has already been a tourist destination for several hundred years, but its inclusion in the coveted list is expected to further drive tourism--and give real estate and retail in the city a new fillip.
There will soon be a 15-20% appreciation in demand for residential property in Agra’s prime locations. Moreover, with the increased inflow of tourists, the retail segment is expected to thrive. There are already two prominent malls--Taneja and Adlabs—selling handicrafts and ethnic artefacts located near the Taj Mahal. These malls will now get a huge boost.
Developers like Parsavnath, Omax, Ansals and Unitech have started eyeing huge residential and retail developments near the Delhi-Agra highway, spread across several lakh hectares. Currently, retail properties in and around Agra are priced at Rs 6,500-9,000 a sq ft. Residential property, on the other hand, is available from Rs 3,500-4,000 a sq ft.
The Taj Mahal is all set to boost the real estate market in Agra. Agra should now see a shift in population from Tier-I cities, provided the infrastructure supports it. There will definitely be increase in developing residential towers in Agra if there is better road connectivity, entertainment centres and large hotels. The government will create more tourist-friendly infrastructure in places where tourist footfalls are counted in the millions.
So we can sum up:
20% demand growth for residential property in prime locations expected
Malls in the precincts of the Taj likely to see a huge boost in demand
Agra could now see a significant shift in population from Tier-I cities