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Holy places witness real estate boom

Real estate developers have begun to target devotees by offering flats near holy land

Apnaloan.com Research Bureau

10 Aug 2007

Real estate developers have begun to target devotees by offering flats near holy land. Arun Dev Builders are building a mammoth 30,000 flat complex in Haridwar, opposite the ashram of yoga exponent Baba Ramdev. Most buyers are devotees who want to be near their favourite pilgrimage place. Haridwar is one of the holist place for Hindus.

The developer of the project received booking for 10,000 flats at prices between Rs 4.4 lakh to Rs 7.5 lakh per flats within two months of the launch of the project. In northern India, Rishikesh and Haridwar, two of India's most prominent Hindu pilgrim centres, are now the hub of frenetic real estate construction. In south India, in Guruvayoor, a small town in the Thrissur district of Kerala famous for its Sri Krishna temple, realty prices have leapt from Rs700 per sq. ft in the mid-1990s to over Rs2,500 per sq. ft currently, even as the supply of new residential units seems unending.

Developers are making a variety of units from studio apartments and two bedrooms houses to independent villas with built up area upto 1000sq. fts. Visvas Promoters Pvt. Ltd is planning three new realty projects in the holy city of Madurai in Tamil Nadu. The builder had sold as many as 1,400 apartments and independent houses at prices ranging from Rs10 lakh for a single bedroom apartment to Rs60 lakh for an independent house with a built-up area of 2,500sq. fts in the past year.