Real Estate Agra
The city of Agra, located in Uttar Pradesh is synonymous with the epitome of beauty and love Taj Mahal. Of course, this one of the new Seven Wonders of the World has given enviable global recognition to the city. And undoubtedly this counts among the major reasons, we place Agra among one of the potential emerging real estate markets in the Northern India, today.
Located at the banks of river Yamuna, the historical city of Agra is well-connected with all the major cities of India with its extensive roads and railways network.
The local economy of Agra is tourist driven. However, the small scale industry of leather and crafts also contributes well to the financial state of the city. Due to heavy influx of tourists from all across the world, the hotel industry of Agra is the most benefited one.
Of late, the city has started leveraging its international image. The real estate markets of Agra nevertheless have been responding in synchrony.
Commercial Properties in Agra
Declaration for an international airport at the city has given quite a major fillip to the commercial real estate market of Agra. At present, tourists from abroad take their route to Agra via Delhi international airport. Once, the city gets international airport of its own, arrival of foreign tourists will increase tremendously.
The markets are taking this clue on stride. Though, the city has a minuscule number of dedicated office spaces in Agra, real estate developers are reportedly planning to launch commercial projects in the times ahead.
Agra holds great business possibilities as it is just 200 kilometers from national capital Delhi. This third largest city of Uttar Pradesh also makes the third end of Delhi-Jaipur-Agra triangle and enjoys sound connectivity with these major cities.
The local markets run on traditional patterns and encompass petty shops and emporiums targeted towards tourists. The service class of the city is thin and mainly comprises the employees of hospitality industry.
Like in many of the towns, MG Road and Sadar Bazar of Agra are what which make the commercial hubs of the city. Most of the business activities are concentrated in this area while Bhavna Plaza and Bhavna Towers are among the recently developed office spaces that have been attracting the attention of businessmen.
After MG Road and Sadar Bazar, Sanjay Place has been emerging fast as the new business destination at Agra.
According to the sources, the state government is also cooking the plans of inviting technology companies to operate from Agra. The Uttar Pradesh Industrial Development Corporation (UPSIDC) has reportedly proposed to set up a 5-acre technology park at Agra-Delhi highway.
With this, the commercial real estate segment of Agra is likely to be unleashed sooner.
As the city pushes its financial state, the residential real estate markets are also witnessing rise in demand. Moreover, the same is driven by end-user and no major activities from the investment point of view are visible.
To the positive side, the middle class of Agra is burgeoning and the construction groups find it good. Demand for the flats costing between 4-8 lakh is on rise and the higher end segment i.e. apartments in the range of 8-15 lakh is also likely to improve.
As for the investment potential, Agra offers a place that is peaceful and stress-free. A perspective of at least 5-years for the projects of prestigious builders based at Agra like Pushpanjali, Bibhab Builders and Triveni Infrastructure can bring decent returns on investments.
In the last 10 years, the prices of residential flats have seen appreciation between 40-120 per cent despite no major-business projects in the offing.
But now, the scene is changing fast and an uptrend in the prices of real estate be it plots, office spaces or residential houses is set to surge.