Magicbricks has observed a significant rise in residential demand across markets influenced by thriving religious tourism. Cities like Prayagraj (28% YoY increase), Varanasi (18%), Puri (52%), and Shirdi (67%) are witnessing a surge in buyer interest.
This demand extends beyond self-use, as buyers explore investment opportunities for long-term gains, holiday homes, and convert them into BnBs to tap into the growing demand for short-term accommodations.
In the past one year, residential prices in Varanasi have reduced by 5.15% due to increasing supply, to reach an average rate of Rs 6,128 psf. In Prayagraj, prices escalated by 122% between January and March 2024 due to high demand. However, since then prices have rationalized and have decreased to Rs 6,645 psf.
Prices in Puri, on the other hand, have appreciated 30% in the past one year to Rs 6,114 psf and in Shirdi, average price is Rs 4,028 psf, making these markets a compelling value proposition.