What Varanasis 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
Indias Prime inisterial candidate,
!arendra odi, standing from the city
for the "ok #abha elections$ %he citys
real estate too suddenly got a big boost
due to this$ %he city also saw odi win
the elections from the city$ &ith odi
being known as a development oriented statesman, there are several
e'pectations from Varanasis realty sector$
Varanasis realty sector
Varanasis economy and realty sector is mainly driven by the tourism
industry$ %he citys realty sector witnessed a sudden boost when !arendra
odi chose to stand for the "ok #abha ("#) elections from Varanasi, as the
city gained international recognition$ %he city drew tourists from not only
across the country, but across the world, who wanted to witness the
countrys most anticipated electoral mandate$
%he city is also slowly witnessing growing economic activity for some time,
as it is an important economic centre in the entire region$ *ccording to few
local brokers, the city was una+ected by the countrys economic downturn,
primarily due to the a,uent nature of residents$ Real estate activity is on the
upward tra-ectory 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$ .ertain areas in the city command property
values as high as Rs /,00012,000 per s3$ ft$
The grim reality
&hile Varanasi is a growing tier1II city, there are also several problems that
currently plague the city and a+ect its real estate growth$ %he roads leading
to the city centre are narrow and -am1packed$ 4ven the residential high1rises
are 3uite far from the city centre and the connectivity to these residential
areas are bad$ *ccording to a well1known 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 dont prefer$ %he city faces several civic problems$ %he
River Ganges is completely polluted due to tourism, religious and other
reasons$ it also su+ers from shortage of drinking water and electricity, while
the waste disposal system is improper$
*part from the infrastructure, several small scale industries such as the
cottage, handloom and handicraft industries have taken a beating and are
5ghting for survival$ %hough Varanasi is tourism driven, unemployment is a
ma-or problem in the city$
Varanasis reality set to change
&ith odi winning a "# seat from Varanasi and becoming the countrys ne't
P, Varanasis real estate has high e'pectations$ odi, being known as a
development oriented statesman, is e'pected to develop Varanasi on the
similar lines of Gu-arat$ odi has also outlined his priorities for Varanasi$ He
has promised to revive the handloom and the handicrafts industry, and
eliminate ma5a while reviving the Ganga ghats$ He has also promised to
transform the city as the countrys cultural and intellectual capital$
*part from these, there are other possible infrastructure developments$ odi
is e'pected to revive the regional development plan of 677218000$ %he key
element of this plan was to create a ring road that would help in
decongesting the city$ %here are also 90 :yovers planned inside the city and
connecting the banks of River Ganga$ odi is e'pected to create a university
town and modern amenities around this ring road$ #ome also e'pect the
Gu-arat model of development to be replicated here$
%hese infrastructure and industrial developments are e'pected to boost the
Varanasi industry and the real estate values here$
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