Allahabad is a prime property territory in Uttar Pradesh. The city has had a historical value and was one of the prime hubs of education during the Colonial Era. That fine tradition continues till date with major universities and colleges currently existing in the city. As a result of this tradition, the city has produced some of the finest professionals including movie star Amitabh Bachan and former Prime Minister Jawahar Lal Nehru. Allahabad is also the centre of spirituality for the Hindus. The city has the site where confluence of three major rivers happens. ‘Sangam’ draws crowds from all over the country and the world for that matter. Allahabad comprises of the bench of High Court where judicial matters of most of the parts of the state are conducted. As a result while there is a strong presence of legal representatives, there is the absence of a distinct industry in the city. The rise in demand for flats for sale in Allahabad is being witnessed despite of which. What could be pushing the demand for property in the city?
The factors influencing property demand in Allahabad
It is not entirely true that the city does not have any industry. In the past few years, the belt near the freight corridor has evolved into a hub of small and medium sized enterprises. These businesses deal in manufacturing of wires and glass among others. But this concentration of business is small and does not contribute a lot to the local economy. These industrial setups have evolved because of the presence of a freight corridor and not the vice versa. Therefore the presence of the industrial units is not what has pushed the demand for residential property in the city.
The local economy otherwise comprises of agriculture. This is more of a rural discipline and may have a bearing on the local economy. Therefore some of the demand for residential property can be explained by the presence of a robust agricultural economy; but not all. The demand for homes in the city has emerged in a big way in 2015.
The reason can be found in the fact that most property investment in Allahabad today is for investment purposes and less for end use. This is because a large number of investors have no intention of staying in the city. It has been recognized as a city with potential of becoming a smart city. Now that the construction of the Smart City in Gandhi Nagar in Gujarat has begun, it is but some time before the construction work also starts in Allahabad. Therefore there are investors within Allahabad and outside who are looking for house for sale in Allahabad. It is anticipated that the property values will increase a lot in the times to come. Hence, the rise in demand and more builders trying to meet that demand.
Finding the best homes in Allahabad
Housing.com has established its operations in Allahabad. The portal is known for its technological excellence and reliance on data analysis to assess the needs of the end users. Therefore It has been able to provide property related services in Allahabad even before there is a high demand for flat for sale in Allahabad.
Housing.com gives the control of the search in the hands of the end users and therefore is a potent tool for property search.