In Krishna’s neighbourhood
You can get an apartment in Vrindavan for 2,500 per sq ft to`3,000 per sq ft and in Mathura for 2,300 per sq ft to 3,500 per sq ft
Are you a Krishna bhakt, looking for some peace and calm and a home in his birthplace Mathura or Vrindavan? These cities in the state of Uttar Pradesh have several real estate options. While the locals prefer to live in plotted developments, they are open to parking their funds in upcoming apartments in the twin cities as long-term investments. People from Delhi, Ahmedabad and Jaipur show a preference for properties that are plotted, studios and 2BHKs to be used as second homes or retirement retreats of a short duration.
Many investors have rented out their apartments for which maintenance facilities are offered by the builders. Developers active here are CHD Developers, the Shri Group, Karmayogi Group and Pushpanjali Constructions.
Completed projects by the Shri Group include Shri Jamuna Dham, near Goverdhan Crossing in Mathura, of 4.83 acres, Shri Jamuna Dham Extension, of 2.16 acres, Shri Radha Puram on NH2, Shri Radha Puram Estate of 39.65 acres, Shri Radha Brij Basundhara, Shri Radha Orchid, Shri Radha Town and Shri Radha NRI Greens.
Projects in which work is continuing include Radha Golf in Mathura, of 24 acres with plots in the range of ` 9 lakh to ` 22.50 lakh. Shri Radha City is spread over 40.73 acres, with plots and ground plus two floors in the range of ` 12,000 per sq yard and ` 27.25 for apartments. Shri Radha Valley is of 66.85 acres and offers plots, 2BHK and 3BHK duplex and high-rises for ` 19,000 per sq yard, ` 45-65 lakh and ` 2,650 per sq ft, respectively. Other projects by the group include Shri Radha Florence in Vrindavan, of 26 acres. It has simplex villas and duplex villas and plots priced at ` 31 lakh, ` 45 lakh and ` 18,000 per sq yard and an eight-acre project. Shri Radha Vintage in Mathura has apartments priced at ` 20.15 lakh to ` 22.15 lakh.
According to Amit Handa, executive director, Shri Group, the company has already delivered 8000 units in Mathura. These are mostly second homes and senior living and vacation homes brought by Delhiites and Gujaratis. The group, which has recently launched villas, is also planning to come up with a township in Vrindavan.
Some of the projects by CHD Developers include Shri Krishna Lok Apartments in Vrindavan. Their ongoing projects are Shri Radha Golf, with plots and houses in the range of ` 9 lakh and ` 22 lakh; Shri Radha Valley, which includes plots, duplex and high rise apartments; Shri Radha Florence and Shri Radha Vintage.
CHD Group has projects such as the 6.5-acre Sri Krishna Lok Apartments in Vrindavan. It has 216 apartments. On the buyer profiles, Ravi Saund, COO, CHD Developers Ltd, says that the average age of buyers in their projects has come down to from 60 years in the last few years to 50. Most of them are taking loans while still working and a number of them are now investing here in a second home or buying apartments for their parents. Clients belong to Uttar Pradesh, Rajasthan and Gurjarat.
While a 1000 sq ft, 2 BHK unit costs around ` 25 lakh and a 1BHK of size 600 sq ft costs around 18 lak, the demand is primarily end-use driven and there are no NRI investors.
Rajiv Aggarwal of Shri Balaji Properties says that locals are chiefly investors. Projects that were bought for ` 20 lakh four years ago today cost ` 42 lakh but the same properties can be bought for around ` 34 lakh from the resale market. Properties in Vrindavan, especially studios, are available in the range of ` 22 to ` 23 lakh.
About 50 families have moved into Shri Krishna Greens and 50 in Keshavdham near Iskon temple, says Dheeraj Sharma, a broker.