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Real Estate Market in Agra

 The city of the Taj Mahal, that is popularly Agra, about six hours from the capital city of New Delhi. The most important thing that has encouraged the real estate market in Agra is undoubtedly tourism. Tourism contributes largely to the GDP of the state. In return, the real boost in tourism comes from the Agra real estate industry that has a strong going and growth in terms of the developments on the infrastructural front. Agra is also a sprawling industrial town. Now Agra has become one of the modern cities providing affordable residential and commercial housing facilities. This is why the Agra real estate and property market is on the boom.

 

Areas Rental rates in Agra Ownership rates in Agra
Sanjay Place (Commercial property) 1575 square feet rent Rs 12,000 onwards -
Agra main road- Vrindabad Rs 14,000 for 2200 square feet -
Badla Road - 223 square yard Home ownership Rs 11 lakhs
Shamsahabad Road - 172 square yard Rs 7.5 lakhs onwards

 

 The main reason behind this real estate boom in Agra is that this city is well connected with various ancient and upcoming cities. Thus, any development made in its adjoining cities will ultimately affect its growth too. It will be wrong to assume that the growth in the in the National Capital Region (NCR) that has really been great over the past few years is the only impact on Agra.  Agra too has seen various real estate project developments. Though not traditionally, but in the recent years, Agra real estate developments included constructions of shopping malls, residential townships, commercial centers, farm houses, and resorts. Though it was mainly for the sake of tourism that these developments took place yet the town residents were benefited to a large extent. Various properties are being sold at a higher value while there are interior villages where the homes having a traditional and ethnic look are cheaper.

 

Commercial real estate market in Agra

 

These commercial properties in Agra are in the form of hotels, resorts, farmhouses, and suites provide all the modern and lavish facilities to the tourists. The space required for such constructions is therefore much more the offices that are housed in Agra. They are also expensive depending upon the locations. Few hoteliers are often ready to invest crores in the commercial market in Agra expecting huge returns. Acquiring office space is though not easier but they are affordable unlike hotel or restaurant space. If a office space of 1,500 square feet cost Rs 15,000 per month as rent, the same space within a km of the Taj Mahal hired for a restaurant will cost 25,000 as rent every month.

 

Residential real estate market in Agra

 

The development in the commercial sector is giving a push to residential property market as well. Retirement homes in the mystic place of love are in demand. Coming to Agra residents, the main segment of society is middle class that is earning through services and tourism.  There are both affordable homes and lavish houses in the real estate market in Agra. Still the property rates are affordable and within the reach the lower income groups.