Realty Ride On Divine Living

From The Real Estate Review.

The holy lands in India are witnessing a real estate boom. The twin cities of Mathura and Vrindavan, traditionally steeped in Krishna consciousness, are a testimony to this development. They not only draw devotees by thousands but are now attracting home seekers who want to own apartments for a peaceful life without compromising on the need for modern amenities.

Mathura- Vrindavan is witnessing lots of development on the residential and commercial front with the emerging interests of various local and outstation real estate players like Shri Group, Triveni, Suncity Projects, Space Buildwell, Tarang, Prabhatam Buildwell and many more.

Because of the saturation in Delhi and NCR, the people now wish to set foot on Mathura and Vrindavan in the search of peace and contentment. The presence of several ‘ghats’ along the Yamuna with beautiful temples makes it a good holiday destination as well. And to satisfy the aspirations of the house seekers, both local developers and those from New Delhi and other places are coming up there with various residential projects.

Residential scenario

Shri Group, a major Mathura based housing construction company, is in the forefront of real estate development. It has already constructed and sold out Shri Radha Puram, a colony of designer row houses located strategically on NH2. This colony is fully inhabited and has 300 houses. Earlier, the company built a colony Jamuna Dham which according to the group, is the first housing society in Mathura. Currently, it is working on about a dozen projects including Shri Radha Orchids, Shri Radha Puram Estate, Shri Radha Farms, Shri Radha Brij Vasundhra, Shri Radha Golf, Shri Radha Valley, Shri Radha Highway Farms, Shri Radha City, Shri Radha Town and Shri Radha NRI Greens.

Along with Villas, new houses and apartments, the township concept has also caught up in Mathura. Triveni Infrastructure Development Company (TIDCO) is creating a mini township, ‘Triveni Krishna Vatika’, in Vrindavan, on 43 acres of land incorporating all the modern conveniences and accoutrements like marble flooring, lavishly designed interiors, state-of-the-art attachments and fitting, security camera scans etc. The proposed township will be a blend of modern and spiritual living as it will have a golf course, a billiard room , tennis court, skating rink along with the provisions of conducting “pooja and havanas.” House-keeping facilities will also be included.

The plan is to have three segments: Nand Vatika, Anand Vatika and Govind Vatika, each of them independent These all freehold villas having options as one, two and three bedrooms. They are planning one more Kanha Vatika consisting of four bedrooms to come up on 1000 sq.yard area. The price of a fully furnished residency at Krishna Vatika will range from Rs. 2000 to Rs. 2700 per sq. ft.

The luxurious Krishna Vatika project is being developed keeping in mind the needs of NRI and HNI buyers. As Madhur Mittal, JMD,TIDCO says, “Triveni Krishna Vatika project is primarily targeted of NRI and HNI customers. NRIs will be interested in preserving a unique residency close to NCR with the lifestyle standards matching to their expectations and HNIs shall look forward to own a piece of land to add an icon to their financial and lifestyle portfolio.”

There are two types of buyers in such sacred spots: one section which has only holidaying in mind and the other, senior citizens specially, intending to spend the twilight of their life in serene atmosphere. This is the only reason why the construction firms operating in this region are trying hard to provide all possible facilities to their target buyers. Lots of USPs are being thrown in to attract customers. For example Ananta, a 15-acre housing project of Space Buildwell Pvt. Ltd., highlights in its advertisement the proximity of a big temple and a swimming pool to its location.

Leading Delhi developer Suncity Projects Pvt Ltd. is planning to raise a modern high- tech township in Mathura very soon. This is the joint effort of three major groups¾ Action, Essel and Odean. This proposed township will cover more than 1,500 acres. And they have targeted mostly the upper middle class and the foreigner devotees of Lord Krishna. Suncity is developing a Krishna-theme township. Ashok Bansal, Director, Suncity Projects says that their target customers are those in quest of peace and really want to get acquainted with the ancient culture of India.

“We want to change the residential scenario of Mathura where most of the housing projects being constructed are very congested. We are using only 40% of the land for residential purposes and the rest 60% will be left open for greenery and one more thing the buyer will get full satisfaction with our project”, says he.

Push to affordable housing

Mathura-Vrindavan Development Authority (MVDA) has also been playing a significant role in contributing to the real estate boom, particularly by way of meeting the demand for low income housing. Says Kartikey Nath Dwivedi, Secretary of MVDA, “We have already developed Radha Puram, Krishna Puram, Chaitanya Vihar, Kailash Nagar colonies of low cost houses offering one bedroom flats of Rs. 4 lakhs and two bedroom flats for Rs. 8-10 lakhs.”

Taking a cue from MVDA and cashing in on the demand for affordable or low-income group housing, private players like Shri Group and Tarang Infrastructure have also taken to low-cost housing. Tarang is offering one bedroom and two bedroom apartments in its project¾Radhe Radhe, at Rs 1300 psf. Says Pradeep Agarwal of Shri Group, “We are getting a very good response as good housing is available for the lower income group.”

Capitalising on pilgrimage tourism, Delhi developer Prabhatam Group is coming up with a residential project of 480 flats over 20 acres of Goverdhan, near Mathura. The USP of this project comprising 1 and 2 bedroom double-storey flats is that these will be fully furnished flats equipped with all modern facilities. The one bed room flat of 500 sq ft costs Rs. 8-9 lakhs while the 2 bedroom flat of 800 sq ft costs Rs. 12.5-13.5 lakhs. The residential complex promises beautiful landscaping and recreational facilities in the form of a Club House.

In the last few years, Vrindavan has ushered in the group housing concept because of the growing population and the rising land prices. Several small housing societies are coming up there. For example, in Vrindavan’s Raman Reti area, small group housing societies like Radhe Priya Kunj, Keshav Kunj, Shree Radhe Dham and many more have only 83 to 175 flats in their premises. But these societies are providing the residents affordable living options. According to a local builder, the rising land rates are compelling the lower income group customers to opt for the group-housing schemes.

Rising demand & soaring realty rates

The appetite for modern living in tranquil environs of Mathura-Vrindavan is clearly evident from the growing demand for residential properties. According to Pradeep Agrawal, Chairman, Shrigroup, they have sold out 100-115 houses in just one month. Triveni Krishna Vatika in Vrindavan has sold out 80% of the total of over 500 villas under construction. The high demand for housing is created by NRIs , HNIs and investors (particularly for NCR) besides local-end users.

This pent-up demand is in turn fuelling property prices. According to Pawan Gautam of Kamdhenu Real Estate, prices in Mathura-Vrindavan region have more than doubled. “The plot prices in Mathura today range from Rs.4000-15000 per sq yd. But at some places, the hike is much higher”, says Pradeep Agarwal of Shri Group.

Hardly a year back, the cost of land at Raman Reti was just about Rs 1000 per sq yd and now it has gone up to Rs 5,000 per sq yd. Even the prices of flats and independent houses are registering a steep rise. A fully furnished residency at Triveni’s Krishna Vatika costs Rs 2,000-2,700 psf. Even the retail real estate prices have registered a considerable hike from Rs 5,000 per sq meter to Rs 7,000 per sq meter in two years’ time.

Mall culture

Meanwhile, the residential boom has spawned mall culture in Mathura. There is a total transformation of retail real estate scene in the city which till a few years back had only small shopping clusters. Now one can enjoy shopping in a mall where all the famous national and international brands are seen. This has been made possible by Shri Group, which has come up with Mathura’s first mall¾ Highway Plaza on NH-2. Following this more new shopping malls are coming up that will completely change the face of retail real estate of Mathura.

Future Prospects

Little wonder then that Shri Group has come up with a slogan, “Mathura Bane Metro” (Making Mathura a Metro City). Says Shuresh Kaushik, Director of Shri Group, “We want to make Mathura really a metro city, providing all modern residential and shopping facilities to the residents.”

So what are the parameters? They are improved connectivity through NH2, fresh government impetus religious tourism, and overall, selling a dream of leading a modern spiritual life. On the strength of these basics and the rising demand for modern housing and retail that may go up and up in the coming years, the real estate boom in Mathura has arrived and is certain to stay.