Happy

Property developers and consultants across the country 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.

According to Anuj Puri, managing director, Jones Lang LaSalle Meghraj, “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,” says Puri.

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. Says architect Hafeez Contractor, “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.”

WONDERFUL FALLOUT

• 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
• However, infrastructure needs to keep pace with rise in tourist footfalls

Source: FinancialExpress

mishthi

It's great that Taj has been included in new 7 wonders of the world.
But dear Happy, I m doubtful in what you have mentioned here...
There should be many other factors for the population to shift from Tier I cities towards Agra.. EXCEPT TAJ.
One you mentioned is infrastructure, which is in a very bad state over there. And the most important reason is 'The Reason' for which people would think to shift in the region. I don’t think that there is concentration of any industry or source of employment over the region. Why would anyone plan to invest in residential property there?
Moreover, I have been to Agra twice and saw the surroundings. I don’t think I would personally plan or recommend any body to live in the city.

Yes, as far as the increase in the inflow of tourists is a matter, the retail real estate sector and hospitality industry might expect some investments over there, but not residential sector in the recent couple of years at least.