A retirement home in temple towns is a great investment

Religion is not affected by slowdown. Actually, people become more god-fearing during tough times. Indian developers know this well. That's why many are headed to pilgrimage towns, not to pray but to build projects to sell to those who want to live in proximity to their gods.

Over the last few years, many developers have launched projects to capitalise on the demand from people looking for homes in the land of their deities. Investing in such properties for long-term gains is not a bad idea.

IN DEMAND
As properties in metro cities go beyond the reach of most, smaller cities are coming up as an alternative, for living as well as investing the surplus money.

"There is a lot of demand for properties in pilgrimage destinations. These are the subject of a large number of searches and enquiries," says Ganesh Vasudevan, chief executive officer, IndiaProperty.com, a property listings website. "Themed communities have got good response from their set of followers. Such religion-linked properties generally don't require sustained media campaigns for sales," he says.

Pilgrimage cities have projects ranging from small- and mid-sized apartments to villas and townships.

"While locals are buying houses in these towns both as an investment and for personal use, the focus of non-residents is short stays and living after retirement. Though some well-to-do professionals in late 20s and early 30s have also been buying properties in towns such as Haridwar, most buyers are in the middle-age group or young people who want their parents to spend some time in peace," says Omprakash Agrawal, chairman, Lotus Infra Project Pvt. Ltd, a developer with residential and commercial property projects in Haridwar.

The market was at first focused on those looking for a second or retirement home. Now, there is good rental demand as well, which is why developers are also launching rental-focused serviced apartments.

Apart from looking for a long-term tenant, you can also let out your house for short stays to tourists, including online service Airbnb.com.

"Developers are offering apartments and villas with all the amenities that a good urban residence can offer. So, without changing the lifestyle, one can live in a serene and peacef u l environment after retirement or during religious vis- its," says Vasudevan.

Some popular pilgrimage destinations for properties are Amritsar, Haridwar-Rishikesh, the four Hindu Dhams-Badrinath, Dwarka, Puri and Rameswaram-and South Indian temple towns such as Madurai and Tirupati.


HARIDWAR/RISHIKESH
For residents in North India, particularly people from the Delhi-National Capital Region (Delhi-NCR), Haridwar and Rishikesh in Uttarakhand are weekend getaway destina- tions. These two towns on the bank of Ganges also hold a prominent position on the Hindu pilgrimage map. Proximity to foothills is an added advantage.

In Haridwar and Rishikesh, a lot of local developers are offering small residential plots, apartments and villas. Some New Delhi-based developers such as Supertech and CHD Developers are also active.

In developing localities on the periphery, several local developers are offering small plots of 100 square yards for Rs 10 lakh (or even lower). Local builders of repute are offering apartments for Rs 2,000-2,500 per square foot.

Plots are available for Rs 25,000 per square yard in newly-developed localities. One must note that these prices are comparable to that in many upcoming areas of the Delhi-NCR. So it is better to buy a property in Haridwar or Rishikesh with the sole purpose of investment only after assessing your options in the NCR market as well.

Haridwar is expanding. The State Infrastructure and Industrial Development Corporation of Uttrakhand is developing a number of areas. Bharat Heavy Electricals Ltd also has a big set-up in Haridwar. A lot of big companies in automobile and fast moving consumer goods sectors also have manufacturing facilities in the area.Haridwar and Rishikesh are also close to the Rajaji National Park (less than 10 km). It adds to the attraction of these towns as holiday homes.


MATHURA-VRINDAVAN
According to Hindu mythology, Mathura is the birthplace of Krishna. This makes Mathura and Vrindavan (in Mathura district of Uttar Pradesh) special to Hindus. Mathura and Vrindavan are not the cleanest of cities, but that doesn't deter the devout who would like to retire here.

Mathura is well-connected with the national capital by rail and road. However, it does not have an airport. The only places of interest are the town's temples. That is why it won't work as a holiday destination for most people.

Some major developers active in the area include CHD Developers, the Shri group, Giriraj Apartments, the Karmayogi group and Pushpanjali Constructions. Some developers have opted for ratings and certifications by reputed organisations.

Mathura is home to one of the biggest oil refineries in the country. It is also known for silver artefacts and textile printing.

It is a preferred destination for people, especially from the Delhi-NCR, who are looking to buy their second home. Some demand is also driven by nonresident Indians looking for a quiet stay in these temple towns.

Prices are affordable compared with Delhi-NCR region. For instance, a ready-to-move 2BHK flat (1,100 sq ft) is available for around Rs 20 lakh. Furnished studio apartments can be bought for as low as Rs 4-5 lakh.


PURI
Puri, known for the Jagannath temple, is among the main Hindu pilgrimage towns. It is less than 70 km from Bhubaneswar, the capital of Odisha.

The town has many mutts (Hindu monasteries). It also hosts the annual rath yatra (chariot procession), generally in July, when the deities of the temple are taken out in a procession attended by a large number of pilgrims from across the country. The yatra is also a major tourist attraction.

As the town is located on the Bay of Bengal, you can enjoy the beaches of Puri if temples do not feature on your itinerary. Chilika Lake, home to migratory birds, dolphins and green sea turtle, is also in the Puri district. The sea ensures mild climate throughout the year. The nearest airport is Bhubaneswar, but Puri itself is well-connected by rail and road.

You can get a studio apartment for Rs 5 lakh and a 1BHK apartment for a little less than Rs 10 lakh in many areas. But houses in more prime locations and luxury projects will cost much more (Rs 20-30 lakh). Some developers are also offering sea-facing residential properties.

If you prefer amenities of a big city, you can explore state capital Bhubaneswar, a short driving distance from Puri. In Bhubaneswar, residential property prices have been going up for years, except for a marginal fall in the April-June quarter. Buying a house there could turn out to be a good bet.


TIRUPATI
Around 150 km from Chennai and 250 km from Bangalore, Tirupati in Andhra Pradesh is famous for the Venkateswara Swamy temple. The temple is not in the city but around 20 km away in the Tirumala hills. The city gets lakhs of pilgrims every month. The other attractions include Chandragiri Fort. For those who enjoy trekking, hills and rocks in and around Tirupati, for instance Chase Pillar, Bodi Konda and Puligundu, as well as forests offer ample opportunities.

The Chittoor district, of which Tirupati is a part, has many factories in farm & food processing, textile and metallurgical sectors. It also has a lot of potential for small- and medium-scale industries.

Unlike many other pilgrimage centres, Tirupati has an airport. It is also well-connected by rail and road.

There is a lot of demand from NRIs. That is why properties in the city are not cheap. However, you can find good affordable properties at new locations. Serviced apartments focused on luxury can cost as much as Rs 35 lakh for a 1,000 sq ft unit.

However, at a far lower price, you can find twothree BHK apartments, villas and plots in some other locations. Some plots on outskirts or at some distance from the temple town can cost as low as Rs 2.5 lakh for a 150 sq yard area.


UJJAIN
Located on the banks of the Shipra river, Ujjain in Madhya Pradesh is believed to be favoured by Shiva, the Hindu god of destruction. It is also a place where a few drops of elixir (amrit) were spilled, according to Hindu belief. This small town has one of the most famous temples of Shiva, better known as Mahakaal here, apart from others. Ujjain is also an important religious centre for Buddhists and Jains.

It also has an observatory built by Maharaja Sawai Raja Jaisingh of Jaipur in 1719.

Ujjain is well-connected by rail and road. The nearest airport is in Indore, which is around 60 km from the city.

Most real estate development is by local developers. Apartments and villas are priced at Rs 10-50 lakh. You can easily find independent houses at good locations for around Rs 25 lakh.

Among the national players, Delhi-based Pasrvnath Developers has a township project with residential plots here. The local residents, however, go for independent houses. So, most real estate stock comprises residential plots and houses. You can also choose to buy in the nearby Indore, which is an important town of Madhya Pradesh. Indore also has many more builders, some of them funded by private equity and foreign money. According to the National Housing Bank's Residex, prices of residential properties have declined 10% in Indore since April 2012, but only after rising over 100% between 2007 and 2012.