Gaurav K Singh, founder & chairman, Womeki Group shares how new pilgrimage destinations are boosting the real estate industry
Spiritually-focussed cities in India are emerging as goldmines for developers and investors. These developing cities are gaining significant attraction across the country with sacred cities like Khatu Shyam, Vrindavan, and Ayodhya emerging as promising real estate hubs and attracting residents, developers, and investors alike. Religious sentiments are, no doubt, the primary factor driving this trend as spiritually-driven people prefer staying near their place of worship.
Among the spiritual hubs gaining popularity as real estate destinations, Sikar City in Rajasthan also stands out as a new hotspot for homebuyers. This culturally rich town offers the perfect blend of a spiritual and harmonious lifestyle to its residents. Moreover, the presence of the revered Khatu Shyamji Temple built in 1027 AD, makes Sikar a sought-after realty market. Infrastructural developments are also playing a major role here. For instance, India’s railway ministry is taking measures to establish a new railway line to enhance connectivity.
Additionally, Sikar is witnessing a major boost in healthcare infrastructure. Under the larger initiative of constructing new medical colleges across Rajasthan, the honourable PM of India recently inaugurated a new medical college there. This move will enhance accessibility to healthcare services for residents residing in Sikar as well as other areas around herein. Additionally, six Eklavya Model Residential Schools are being opened in nearby districts. This is part of a larger initiative to improve lives within Sikar and even across Rajasthan. These are positive signs that will put the city on the real estate map alongside other spiritual hotspots.
Senior citizens driving demand
Residential units in holy cities are increasingly preferred as retirement homes, specifically by senior citizens. According to a report by Colliers, India’s senior citizens prefer moving to tier II and III cities post-retirement to enjoy a peaceful and spiritual life, far away from the humdrum of metropolitan cities. Young buyers are also showing interest in religious locations to plan their sunset years well in advance. Others are eyeing those cities to buy retirement homes for their parents. For instance, since the foundation stone for Ram Mandir was laid in Ayodhya in August 2020, property transactions and land prices in this spiritual hotspot surged by almost 50%, with Indians and NRIs equally lining up to own property in this holy city. Hence, the UP government is planning to launch a 1,000-acre Vaastu-inspired township in Ayodhya. Developers are equally capitalising on this demand by launching residential projects with modern amenities to cater to this niche market.
Presently, only a handful of real estate developers cater to the senior living segment, which leaves a significant opportunity for developers seeking to diversify their portfolios. Thus, developers are increasingly undertaking upscale projects ranging from small apartments and mid-sized apartments to townships and villas in spiritual cities to cater to the demands of people seeking homes in holy lands across the country. Additionally, the GoI’s industrial and infrastructural development initiatives in holy cities for improving connectivity have further propelled demand for residential properties.
Spiritual tourism acting as a catalyst
Spiritual tourism is also acting as a catalyst for real estate in holy cities. Millennials are buying second homes in such cities to spend weekends or vacations besides visiting the holy shrines. Consequently, investors from the domestic and international markets are increasingly investing in holy cities.
Developers are also launching rental-focused service apartments with urban amenities to boost long-term profits by renting properties out to long-term tenants, or tourists for short stays. Additionally, the affordability of land and attractively priced residential properties in these cities is another factor contributing to their growing popularity.
The road ahead
The future looks bright for India’s sacred real estate segment. Strong religious beliefs, upcoming infrastructure projects, and increasing disposable incomes will further boost investment in pilgrimage destinations in the coming years.
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