After the metros and tier 2 cities, the next set of cities on the market for the government to promote are the heritage cities. Government is encouraging investors to consider real estate developments in these cities as a promotional and tourism strategic as well. As per a recent report the cities to be considered in the 1st phase of development include: Mathura, Amritsar, Ajmer, Varanasi, Vellankani, Kanchipuram and Gaya. The idea is to create a strong economic base for real estate in these areas.
Aside from infrastructural improvement these cities are also well-known for attracting high amount of tourists from within the country and from abroad. Real estate developments are essential to handle the growing crowds in these areas. Both commercial and residential projects are being encouraged to ensure that there is a good balance in these areas. Many of these cities are close of industrial corridors as well. But due to lack of proper residential options many executives do not choose to live in these places. With the new impetus being given by the government, these cities will definitely see a good growth.
The various types of development that are possible in these areas include: Commercial complexes, affordable housing, tourist housing, temporary lease apartments and homes, community development and even luxury projects that can be in the holiday home category. These developments are being supported by the government who promises ample infrastructure support in order to develop the area and improve connectivity and social infrastructure.
The next sets of cities that are in line to be developed under this scheme are Puri,Tirupati, Allahabad, Ujjain, Hampi, Rishikesh and Lucknow. The cities of Varanasi, Rishikesh and Lucknow are already seeing considerable realty growth. Other cities are being evaluated and will come into the development list shortly.
This will also reduce the burden on cities and slow down the migrant population from always seeking out cities for job opportunities and thus overcrowding them. Many real estate companies have expressed interest in developing these cities and are evaluating their level of participation in these areas. The idea is not to commercialize these cities but to give them a better opportunity to participate in the economy.
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