Real Estate Sector In Ujjain shows a promising future in 2021, due to the below mentioned factors.
Table of Contents
1.Religion Is Hardly Affected By Slowdown in Ujjain
Over the last few years, many developers have launched projects to capitalise on the demand from people looking for homes in the land of their deities. Investing in such properties for long-term gains is not a bad idea, Tells Hirav Shah.
Religion is not affected by slowdown. Actually, people become more god-fearing during tough times. Indian developers know this well. That’s why many are headed to pilgrimage towns, not to pray but to build projects to sell to those who want to live in proximity to their gods.
Located on the banks of the Shipra river, Ujjain in Madhya Pradesh is believed to be favoured by Shiva, the Hindu god of destruction. It is also a place where a few drops of elixir (amrit) were spilled, according to Hindu belief. This small town has one of the most famous temples of Shiva, better known as Mahakaal here, apart from others. Ujjain is also an important religious centre for Buddhists and Jains.
It also has an observatory built by Maharaja Sawai Raja Jaisingh of Jaipur in 1719. Religion will not be affected by slowdown, reiterates Hirav Shah.
2.Ujjain-The Nucleus For Potential Expansion
The city of Ujjain is molded by a multitude of factors. The elements that have shaped the growth and development of Ujjain are its topography and transportation routes.
The city has grown in the form of sectors and can be evidently split up into two parts: One being the old city, which is situated north of the Broad gauge railway line. This features the older historical and religious areas together with the old industrial town. This region is characterized by a domestic structure of organic development and possesses a very dense and close-knit fabric.
The other is the new area, which rests south and south east of the railway line. The construction of the railway bridge started in this area in the 1930s. The area, as a result, was made easily accessible and within reach. It catered to the requirement for the city to grow beyond the boundaries, which persisted during those times.
Progress in this area began with the development of the Freeganj vicinity as a commercial and residential hotspot, accessible by three major roads – Dewas road, Indore road, and Maksi road. Modern Ujjain consequently has become the nucleus for potential expansion.
3. Connectivity in Ujjain
a.The closest airport to Ujjain is the Devi Ahilyabai Holkar International Airport of Indore, which is located about 55 km from the city.
b.Along with Indore and Dewas, Ujjain is among the three most important centers in this region. Bhopal Ratlam broad gauge railway line passes through it and the NH-3 is only 35 km away.
Besides these national connections, there are many state level highways linking it to the major regional and state centers.
c.The city is well connected by roads and railways with important urban centers and is connected by a broad gauge railway to Bhopal, Indore, Dewas, Nagda and Ratlam and by a meter gauge line to Indore, Badnagar and Ratlam.
d.There are two major bus terminals. One is at Dewas gate which is near to the railway station and the other is at Nanakheda.
Thus, terrific connectivity has also resulted in real estate investment in Ujjain,to see an upward trend…
4. Government Support
a.In a bid to boost growth of the real estate sector, the state government has reduced the cess on stamp duty for registration of a propertys’ sale and purchase, to one percent . This will indeed boost the real estate sector in Ujjain.
b. Also, registration of property can be done till April 30 on the existing rates. A decision to this effect was taken to minimise last minute rush at the registrar office as people in large numbers turn out for registrations apprehending a hike in rates from April 1.
This has been done to facilitate people to get the registry of their property done and boost the state government revenue.
Real Estate Trends In Ujjain and Best Areas To Buy Properties
For Residential Purposes in Ujjain
All the major residential development can be seen in between Indore and Dewas road. Areas such as Vivekanand nagar, Sant nagar, Shastri nagar are high-density residential areas.
For Commercial Use in Ujjain
The major commercial activities can be observed near areas such as Freeganj, Shaheed Park, and Sabji Mandi. This area can be considered the main Central Business District (CBD) area of the city.
- Land for mixed use can be observed along some of the roads in the areas just mentioned. The CBD area of Ujjain-Freeganj has high residential density.
- Rishi Nagar, Subhash Nagar, Kothi Nagar and Freeganj are the key localities In Ujjain to invest in real estate.
Final Thoughts
Among the Indian States, investing in real estate in Madhya Pradesh is touted as one of the lucrative ways to save on taxes and have a stable asset at the same time. A careful consideration and trade off of the financial, regulatory and tax rules for Indians residing in India and outside, will enable you to make an informed decision in the purchase of a Real Estate property, Hirav Shah Concludes…
