Property developers and consultants across the country are keenly watching the inclusion of the Taj Mahal as one of the new Seven Wonders of the World. The architectural marvel located in Agra has already been a tourist destination for several hundred years, but its inclusion in the coveted list is expected to further drive tourism–and give real estate and retail in the city a new fillip.
According to Anuj Puri, managing director, Jones Lang LaSalle Meghraj, ?There will soon be a 15-20% appreciation in demand for residential property in Agra?s prime locations. Moreover, with the increased inflow of tourists, the retail segment is expected to thrive.?
There are already two prominent malls–Taneja and Adlabs?selling handicrafts and ethnic artefacts located near the Taj Mahal. These malls will now get a huge boost. ?Developers like Parsavnath, Omax, Ansals and Unitech have started eyeing huge residential and retail developments near the Delhi-Agra highway, spread across several lakh hectares,? says Puri.
Currently, retail properties in and around Agra are priced at Rs 6,500-9,000 a sq ft. Residential property, on the other hand, is available from Rs 3,500-4,000 a sq ft. Says architect Hafeez Contractor, ?The Taj Mahal is all set to boost the real estate market in Agra. Agra should now see a shift in population from Tier-I cities, provided the infrastructure supports it.?
Hemant Shah, chairman, Akruti Nirman, said, ?We will definitely consider developing residential towers in Agra if there is better road connectivity, entertainment centres and large hotels. The government will have to create more tourist-friendly infrastructure in places where tourist footfalls are counted in the millions.?
Anil Malhotra from Yum! Restaurants International said, ?Agra already has Pizza Hut and KFC restaurants. But now that tourist footfalls in the city are likely to go up, we will be expanding the number of our restaurants significantly.?
