News & Views on Indian Real Estate

Tuesday, June 24, 2008

Old Havelis, Palaces making way for Apartment Complexes

Regarded as the most ancient living city in the world, Varanasi evokes exotic and spiritual feelings. The fact that the city is a maze of narrow lanes and bylanes makes the real estate sector follow its own typical pattern. The traditional mindset of the people here has resulted in only the properties in established and old areas witnessing a surge in prices. Buyers are still reluctant to move to new areas. However, the influx of population in the city due to its thriving business and tourism activity is leading to real estate growth on the outskirts of the city in a well planned manner. The new growth areas are Shivpur, Sarnath, and Rohania. Though the flat culture is slowly catching up in the city it is preferred mostly by the service-class people, majority of which have shifted from other places. Old havelis and palaces which dot the city are making way for apartment complexes and realty majors have slowly started taking an interest in the city’s development.

Rajani said...

apart from townships and multiplexes, people ( specially NRIs) show interest towards havelies and palaces.

mansih said...

In old haveli's a lot of land has not been used properly so there is chance of good apartment in old haveli's areas.

vikas said...

haveli's are the next choice of most of builders because the land requirement is high and supply is not according to the demand.

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