Demand for Property in India’s Spiritual Cities Adds to the Indian Real Estate Boom

India with its ancient civilization and many religions has long been considered as a prime spiritual destination. Foreigners have for years been drawn to India to seek inner peace and to look for spiritual guidance. It was this search for spiritual guidance that drew the Beatles to India in 1968, as they visited to the holy city of Rishikesh located on the banks of the Ganges where their guru Maharishi Mahesh Yogi, who died earlier this year was based.

Similarly in the early 1980’s the provocative Indian mystic and spiritual leader and self proclaimed god who preached free love, Osho Bhagwan Rajneesh also drew hordes to westerners to his commune located in prime residential area of Pune-Koregaon Park. Nowadays apart from the teachings of ‘gurus’ like Deepak Chopra, Sri Sri Ravishankar yoga centers and ayurvedic spas also draw foreigners to the various spiritual centers located all over India.

Growth of religious tourism and religious centers

Religious tourism in India has been growing exponentially over the years and traditional religious centers in North India such as Vrindavan, Mathura, Rishikesh, Haridwar, Ajmer, Amritsar, Nasik and the southern holy cities of Tirupati and Guruvayoor have all become real estate hot spots that have attracted the attention of leading developers in the country.

In some of the above mentioned places real estate prices have shot up by almost 400%. Take the case of Guruvayoor, a small town in the state of Kerala where prices of property have increased from Rs.700 (US$17.39) per sq ft in 1990 to Rs.2500 ($62) per sq ft in 2007. This is because the demand for residential property has increased greatly in this tiny town, home to the much-revered Sri Krishna Temple, a temple dedicated to Lord Krishna.

Retirement homes and weekend getaways

It is not only foreigners who are drawn to these religious cities but many local Indians and non-resident Indians also look at buying future post-retirement homes or weekend getaways. For instance, the city of Mathura is well located on the Delhi - Mumbai rail route and is easily accessible from the cities of Delhi, Agra and Gurgaon by road and hence this much frequented pilgrimage destination is now also a weekend getaway option for the spiritually-minded residents of these cities.

The many new developments located in these religious tourism centers have a perfect blend of modern amenities like golf courses, billiard rooms, tennis courts, Ayurvedic spas, yoga centers, clubs and swimming pools to fulfill the various needs of modern spiritual living.

Some new developments in various religious centers in India

Rishikesh Real Estate

This temple city which is located in the verdant foothills of the Himalayas has the holy Ganges River which flows through it. This spiritual city was also recently featured in a documentary on India called a Journey of a Lifetime produced for the Discovery Channel by Hollywood actor Jeremy Piven.

Rishikesh is one of the favored destinations of many foreigners who travel to India as it has an abundance of ashrams, holistic spas, inner healing and yoga centers located within its environs. In fact Rishikesh is widely regarded as the yoga capital of India and it has thus witnessed a steady increase in the demand for quality housing over the years.

In response to this demand the AEZ group of companies has launched a residential project in Rishikesh called Aloha Rishikesh. This complex, which will be a gated community, is being built on international lines and specifications and represents an ideal blend of spiritual living and modern facilities. The Aloha Rishikesh project will consist of 178 fully furnished residential units with the following common amenities:-

• An international level spa, pool and health club facility
• A yoga and aerobic centre
• An Ayurvedic Rejuvenation centre with meditation and naturopathy facilities
• A library and multi-media centre
• Vegetarian food outlets and convenience shopping outlets located within the complex boundaries
• A laundry facility
• A doctor will on call with medical facilities

The Aloha Rishikesh complex will also be able to provide arrangements rrangements for adventure sports like rock climbing, river rafting, boating, trekking all of which are located within accessible distance from the development. It will also be able to organize special arrangements for various religious pilgrimages such as Char Dham Yatra, Hemkunt Sahib, and Haridwar.

Current prices for units in Aloha Rishikesh range from 17 lakhs ($42,000) to 66 lakhs ($163,000)

Vrindavan and Mathura real estate

Located at a distance of 140 km from the India´s capital Delhi, the twin cities of Mathura and Vrindavan, which are both associated with Lord Krishna, have witnessed the launch of the development of a number of townships in recent years. These township development projects have a combined investment of approximately Rs.15000 crores ($3.71 billion)

Sun City developers are in the process of constructing a self sufficient township set over 2500 acres on National Highway no.8 towards the city of Vrindavan. This township is being developed to showcase the cultural and mythological significance of Mathura and Vrindavan and it will feature a theme city, a tourism city and a knowledge city.

Another developer called Shri Group is developing a multiple townships in the Mathura Vrindavan region as well. Some of the Shri Group’s largely high end developments are Radha Puram Estate, Shri Brij Vasundhara township, Shri Radha Puram, Radha Orchids, Radha Farms and Radha Highway Farms.

Other developers like Pushpanjali Constructions and Prabahatam Buildwell have also announced residential projects in the highly desirable region of the twin cities of Mathura and Virindavan.

Ajmer developments

The town of Ajmer located in Rajasthan is a major spiritual and religious center as it has the world renowned Sufi shrine Khwaja Moinuddin Chisti located within its boundaries.

Ajmer is also located in close proximity to the holy Hindu town of Pushkar which is the site of a famous temple dedicated to Lord Brahma.

Pushkar, also plays host to hordes of visitors from all over the world each year who come to Pushkar for the annual Pushkar Fair.

All these factors have led the premier Indian development company Omaxe to invest in the creation of a 440 acre integrated township called Omaxe City on the Jaipur - Ajmer expressway. This township which consists of more than 2000 residential units is being developed with a host of international facilities to tap into tourist traffic of Ajmer.

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