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The growing popularity of spiritual tourism across India while revitalising the travel industry has also turned out to be a driving force behind the transformation of the real estate sector. Among these, Ayodhya, Varanasi, Vrindavan, Haridwar, and Tirupati stand out and witnessing unprecedented growth.
Online searches for spiritual cities have increased substantially. For example, recent data released by a leading travel portal MakeMyTrip found a staggering 585 per cent increase in search for Ayodhya in recent years. The Uttar Pradesh government is also actively acquiring land in religious cities to develop theme-based townships.
Yash Miglani, managing director of Migsun Group, said, “Ayodhya, Varanasi, Vrindavan, Haridwar, and Tirupati are among the prominent cities where prominent developers are acquiring land and initiating residential projects. The charm of these cities is not only for their spirituality, but they are also emerging as potential retirement havens, attracting homebuyers both locally and far away for personal use as well as investment purposes. Recently, we had held a developer’s meet in Varanasi, where significant interest was expressed in commencing projects in the spiritual hub due to its substantial demand.”
Plans are also underway for a sprawling 1,000-acre township in Ayodhya, blending contemporary and traditional architectural elements. As a result, land prices and property transactions in Ayodhya have surged by approximately 50 per cent since the ground-breaking ceremony for the grand temple to Lord Ram in August 2020.
Ankit Kansal, managing director of 360 Realtors, said, “India’s growing spiritual tourism will unlock new investment opportunities, giving rise to a niche but high-growth segment. As religious-spiritual tourism destinations such as Vrindavan, Ayodhya, Varanasi, Ujjain, etc., are thriving, there is an increased demand for concept-based real estate such as second homes, plotted developments, farmhouses, etc. Investments will rise in residential, commercial, and hospitality projects.”
He added that many tourists now do not prefer to stay in mainstay hotels; instead, they prefer homestays, rental villas, nature resorts, etc. This will pique interest in alternative hospitality business ventures. The profile of tourists is also evolving and now increasingly involves millennials, business travellers, foreigners, NRIs, and multi-generational families. This also means destinations alongside religious offerings also need to give a more holistic, wholesome stay to incoming tourists. This will further create new opportunities.
Plans are also underway for sprawling townships in temple cities, blending contemporary and traditional architectural elements. As a result, land prices and property transactions in have witnessed an unprecedented surge. For example, in the case of Ayodhya land prices have increased about 50 per cent since the ground-breaking ceremony for the grand temple to Lord Ram in August 2020.
Nayan Raheja of Raheja Developers said, “Cities across India with religious significance are witnessing a surge in property development, driven by the increasing popularity of spiritual tourism and retirement homes. The infrastructure development and favourable business conditions have encouraged developers to explore opportunities in these spiritual hubs.”
Omaxe Group MD Mohit Goel also said booming spiritual tourism and the increasing prominence of temple towns have unleashed a new reality potential. Leading this trend is Ayodhya, where property prices, especially after the ground-breaking ceremony in 2020, have spiralled upwards.
“Quite a similar situation exists in Vrindavan, where land prices have more than doubled in the last few years. The approval of projects like the Bankey Bihari Corridor, spanning 5 acres, has further stimulated demand. Cities like Ujjain and Prayagraj have also witnessed a significant rise in real estate demand. As a real estate developer, we see huge potential in the real estate sphere in these cities, and we already have launched residential as well as commercial projects in Vrindavan, Ujjain and Prayagraj,” Goel said.
The emergence of spiritual tourism is not only reshaping cities’ skyline but has also heralded a new era of prosperity and opportunity. As stakeholders seek to harness the city’s cultural heritage and tourist influx to drive realty development, such cities have emerged as frontrunners of investment opportunities.
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