Buying Land in Spiritual Cities is More Than Just an Investment in Property

When you think of investment in property, you probably picture buzzing metropolitan cities such as Mumbai, Bengaluru, or Delhi. But in recent years, a muffled yet significant trend has emerged, i.e., buying land in India’s spiritual towns. Places like Ayodhya, Dwarka, Varanasi, Haridwar, Rishikesh, Tirupati, and Rameswaram are no longer just religious centres; they have become powerful hotspots for real estate investors.

Emotional and Cultural Significance of Land in Spiritual Towns

For many investors, buying land in a spiritual town is not just about adding an asset to their financial portfolio. It’s about investing in religious, emotional, and cultural pride. Here’s why the emotional value of investment in property in a holy city often outweighs financial considerations:

• Religious Attachment: Spiritual cities carry centuries of religious significance with historical and mythological links. Buying land in such cities often feels like owning a piece of divine heritage.

• Inner Peace: Many believe that living in or owning a house in a sacred location brings inner peace and spiritual fulfilment.

• Personal Growth: Investors often buy property in religious towns to seek blessings from the Almighty, which can catalyse their personal growth.

• Legacy: Buying land in spiritual towns can help investors pass not just property but a deep cultural identity to their descendants.

Impact on Demand and Land Value

Unlike typical cities, where real estate prices depend on location and amenities, land value is often driven by emotions in spiritual belts.

• The limited supply of real estate, combined with rising demand, can lead to significant appreciation in land value over the years.
• The rise in spiritual tourism in India and the development of infrastructure with government support have also led to an escalation in property prices in these regions.
• After the Supreme Court verdict of 2019 in favour of Ram Janmabhoomi, land prices in Ayodhya have increased by more than 100% from ₹400 to ₹700 per square foot to ₹1,500 to ₹3,000 per square foot.
• Similarly, the demand for properties in towns like Prayagraj, Shirdi, Puri, and Varanasi has moved north in the last few years.

Social and Community Aspects

Owning land in a holy city isn’t just a personal milestone. It has social and communal aspects as well.

• Many investors buy properties close to temples or ashrams to remain connected to religious communities.
• Such properties often serve as pilgrimage homes where owners can lead a peaceful retirement life.
• Owning land in a spiritual location can be a feeling of pride not only for the buyer but also for future generations.

Investment Potential

Apart from the emotional value, land investment in spiritual belts offers potentially high financial returns.

• Cities like Amritsar, Ayodhya, Dwarka, Puri, and Tirupati see millions of visitors yearly, pushing up the demand for lodging, hospitality, and residential projects. As per the Colliers report, spiritual tourism in India accounts for 60% of the domestic tourism market .
• Government initiatives like smart city projects and better road networks will improve land prices in and around holy towns. For example, the Uttar Pradesh government plans to transform Ayodhya into a world-class tourist destination with an investment of ₹ 85,000 crores. Similarly, the Maharashtra government has allotted ₹ 450 crores for infrastructural development in Shirdi.

Challenges

While the reasons for investment in property in a spiritual town are plenty, investors may need to deal with the following challenges:

• Oversaturation and speculative buying can lead to price volatility.
• Development regulations can be strict, especially near protected religious sites.
• Buying and selling land in holy cities may involve legal complexities.
• Demand may fluctuate based on religious events and seasons.

To Conclude

Property investment in a spiritual town isn’t just a financial decision. It can help you create a religious legacy, seek inner peace, and receive the blessings of the Almighty. However, you need to be diligent, know how to calculate property valuation and invest in the right plot.