Connectivity And Development Promise Good Times Ahead For Agra Realty
If one were to make a list of Tier-II cities that will make it big in terms of real estate growth, Agra would certainly feature there. Data with Housing.com show that while rents have gone up by 49 per cent, the average value of new projects have also climbed by three per cent between November 2018 and the same time in 2019. This globally loved historical city, which has always been a tourist hotspot because of being the host to the Taj Mahal, is seeing this value appreciation because of infrastructure development.
Now, here is what those planning to invest in Agra’s property market should take note of.
Connectivity boost to Agra
A part of the Golden Triangle as it joins with Delhi and Jaipur, Agra is the second most visited city in the country.
What would further boost connectivity here is the fact that Agra should have an operational Metro network by 2024.
Earning through real estate
In 2018-19, over 70 lakh people visited the Taj. “Since there are so many visitors, commerce as well as hospitality flourishes here. There is good money in the city if homeowners let out their properties,” says Amit Tyagi, a city-based broker. “However, buyers must be careful about unauthorised constructions that are seen flourishing here. If they are using their properties for commercial purposes, they should get them registered accordingly,” Tyagi adds.
For instance, about 25,000 residential properties had let out their units for short-term stays, warehouses, guest homes, etc. The civic body here penalised the owners for violation of rules. For someone who goes the legal way though, this small city means money through investment.
Jewar airport push
The Jewar airport will also act as a catalyst to western Uttar Pradesh’s property market, say trend watchers. “With connectivity improving in the near future, Agra, Mathura and areas nearby, will get a big lift. Firstly, tourist footfalls will escalate and secondly, air connectivity will mean that Agra will enjoy as much repute as a Tier I city in India today. Price of property in Agra is much lesser than what it is in Delhi or Gurgaon and hence, for locals and businessmen looking to expand, Agra will become an easy choice,” says Kesri Srivastava, a real estate dealer.
Renting versus buying
Milennials may be switching over to renting more than buying. L Vineet Mahajan, a 33-year-old salesperson working with a pharma company, has been transferred thrice in the last two years. He says that with a schedule as hectic as his, renting becomes a natural choice. Mahajan who hails from Chandigarh but is now in Agra, has a long-term plan though. He prefers a property in his hometown because that is the place he will keep going back to. “For people of our generation, cities are opportunities. My bosses never came to Agra but distributors could do their job. The market is expanding now and it has become important to be visible here for brand marketing,” he says. For Rishabh Shahi, born and brought up in Agra, an investment cannot be put off any longer, he says. “In six months’ time, I will be going abroad and before that I have made up my mind to invest in the Agra property market. The development potential is high.”
Data show that the current average rent in the city is Rs 31,000 per month, up from Rs 20,000 per month in the calendar year 2018. On the other hand, new projects have also seen a marginal climb. From an average of Rs 40.89 lakh in 2018 to Rs 41.93 lakh in 2019, a three per cent increase in asking value shows that prospective buyers may be looking at new properties. Resale properties on an average cost Rs 48.57 lakh.
Properties for sale in Agra
There are over 800 properties for sale listed on makaan.com. These are budget or luxury township projects, ready to move in properties or under-construction apartments. You could even check out villas. The broad property range starts from Rs 3 lakh for residential plots to as much as Rs 8 crore for lavish and spacious apartments.
Rental value of properties is in the range of Rs 2,500 per month for very small units to as much as Rs 48,000 per month for 3BHK independent units.