Realty high in Krishna’s city

Geetu Vaid

The Yamuna Expressway has not only proven to be a perfect landing strip for IAF’s supersonic fighter jets, it has also made the real estate fortunes in cities like Vrindavan and Mathura take off to touch new heights. With the Expressway cutting down commuting time between these cities and Delhi considerably, a large number of buyers are now considering these temple towns as options for second homes. All this is evident from the heightened real estate activity and launch of new projects in these cities over the past couple of years after the Expressway became operational. 

Vrindavan, which is at a distance of about 164 km from Delhi and 10 km from Mathura, has taken a lead in this regard with over a dozen residential projects under construction at the moment which include a couple of integrated townships also. The city suffused with the imprint of Lord Krishna and his consort Radha, holds a special place in the hearts of Krishna worshippers from all over the world. 

Demand drivers

Each year millions of devotees visit this small town which is fast becoming a bustling city with multi-storey apartment blocks and commercial centres springing up on the outskirts of the city. According to experts a majority of buyers are from Delhi and other cities in UP as well as NRIs  as only 15-20 per cent of buyers are from Vrindavan. “The demand here is mostly from the buyers in Delhi and NCR region who are looking for a second home here where they can come on weekends and enjoy the spiritual ambience of the city”, says Ravindra Chamaria, Chairman & Managing Director, Infinity Group, that is investing 1,000 crore on Krishnabhoomi project in Vrindavan. Apart from this the refinery in Mathura as well educational institutions like GLA University, Rajiv Gandhi College and School, KG Dental College also generate demand in the realty sector.  Growth of industry is another positive factor for the growth of real estate sector here. According to real estate experts industry in this belt is likey to grow at a rate of over 40 per cent over the next four to five years and this will not onl6y mean more jobs and influx of workforce but also a demand for housing options. “The infrastructure proposals connecting the three cities – Delhi, NCR and other parts of Uttar Pradesh - have aided this demand. This includes the operational Yamuna Expressway and the widening of NH-2 (underway)”, says Mohit Goel, CEO, Omaxe Limited. 

Market contours

With local as well as national level players launching their projects the buyers have a lot to choose from in terms of residential units as well as the  price range. “There is something to fit every pocket here right from Rs 1800 per sq ft to Rs 3100 per sq ft”, says Ramesh Mishra, who runs a property consultancy in Vrindavan. Most of the residential projects by private as well the government schemes offer one, two, three BHK apartments, villas, studio as well as serviced apartments. The market has witnessed 25-35 per cent growth over the past couple of years, according to local property dealers.

Projects and pricing

A mix of ancient and the modern is one of the chief characteristics of Vrindavan city as one can see ancient temples as well as modern ones with musical fountains and laser lighting; traditional chappan bhog and kachori and lassi shops alongside fast food joints and saffron clad ascetics rubbing shoulders with skirt and denim-clad modern-day gurus. This confluence of cultures is also evident on the realty scene. So while on the one hand there are a large number of traditional ashrams, home-stays ,old havelis and cobbled streets there are also multi-storeyed apartment towers , villas and penthouses. Several local players are developing  relatively smaller residential projects  national players like Omaxe and Kolkata-based Infinity group have high-end products on offer.   The Infinity group is part of the Krishnabhoomi project wherein ISKCON will be constructing 700 ft high 'Vrindavan Chandrodaya Mandir', which will be the tallest Krishna temple in the world. The 114-acre project will have temple over 70 acres and residential development on 44 acres by the Infinity group. The work on the project is in full swing. It will have 800 apartments in 11 towers and 568 studio apartments in the price range of Rs 20 lakh and Rs 63 lakh for 3 BHK apartments. It will also have 140 villas in  3,500 sq ft area and priced between Rs 1.75 and Rs 5 crore.

The Omaxe group has 95-acre Omaxe Eternity integrated township project underway on Chatikkra Road. Over 150 families are already living in the township with over 70-80 families visiting regularly on weekends. Ready second floor apartment in the project cosats Rs 14.5 lakh, while first floor and ground is for Rs 25 lakh. According to group’s local spokesperson the prices have appreciated considerably over the past three years. “The price at the time of launch was Rs 6.6 lakh at launch and today it is Rs 25 lakh”. The phase II will have 114 two BHK flats. Krishna Crest has commercial serviced apartments with assured return for  Rs 4,600 and Rs 4,500 per sq ft for fully furnished apartments.  A number of residential projects are coming up in Rukmini Vihar locality and projects like NRI Greens  by Shri Group, Krishna Greens and Sharnam by Giriraj Group also have families living in there. Goverdhan Vas apartments is another residential project that was launched in May 2014. 

Several government developmental projects in the area are also eyeing tourist investment in real estate sector, which hasincreased the investment potential of the holy city of Vrindavan.