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Residential demand is surging in cities with strong religious tourism like Prayagraj, Varanasi, Puri, and Shirdi, driven by investment opportunities, holiday homes, and potential short-term rentals. Year-on-year, Prayagraj saw a 28% increase in demand, Varanasi 18%, Puri 52%, and Shirdi 67%. Prices vary, with Varanasi averaging INR 6,128 psf, Prayagraj INR 6,645 psf, Puri INR 6,114 psf, and Shirdi INR 4,028 psf. Puri and Shirdi show continued appreciation, while Varanasi and Prayagraj stabilise. Religious tourism fuels this trend, offering buyers a mix of cultural value and investment potential, making these cities key players in India's real estate growth.
A significant rise in residential demand has been observed in cities with thriving religious tourism, according to Magicbricks. Prayagraj, Varanasi, Puri, and Shirdi have emerged as hotspots for buyers, with demand driven by investment opportunities, holiday homes, and the potential for converting properties into short-term accommodations like BnBs. Advertisement
Year-on-year (YoY) demand has increased notably in these cities. Prayagraj saw a 28% rise, Varanasi reported an 18% growth, Puri experienced a substantial 52% increase, and Shirdi witnessed a remarkable 67% surge in buyer interest. This interest extends beyond personal use, as many buyers view these markets as lucrative for long-term gains.
Residential prices across these cities show varying trends. In Varanasi, prices have decreased by 5.15% over the past year due to increased supply, now averaging INR 6,128 per square foot (psf). Despite this decline, the city remains attractive for its cultural and religious significance.
In Prayagraj, high demand earlier in the year caused prices to escalate by 122% between January and March 2024. Since then, prices have stabilised, reaching INR 6,645 psf. This rationalisation reflects a balancing of supply and demand.
Puri has seen a significant appreciation in residential prices, with rates increasing by 30% in the past year. The current average stands at INR 6,114 psf, making it a compelling option for buyers seeking value in a market with strong growth potential.
Shirdi offers the most affordable rates among these cities, with average prices at INR 4,028 psf. The city's affordability, combined with its religious importance, has made it a key player in the residential market, particularly for those looking to invest in short-term rental opportunities.
A spokesperson for Magicbricks highlighted that there is a growing appeal in certain markets. They noted that the demand in these cities indicates a shift in buyer interest towards locations that provide both cultural value and investment potential. The spokesperson added that religious tourism is continuing to drive this trend, making these cities prime markets for real estate growth.
In conclusion, Prayagraj, Varanasi, Puri, and Shirdi are demonstrating robust potential in the residential real estate sector. While some markets, like Varanasi and Prayagraj, show signs of stabilisation, others, such as Puri and Shirdi, continue to appreciate. The influence of religious tourism cannot be understated, as it drives not only self-use demand but also investment opportunities.
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