What comes to your mind when someone mentions Agra? No one gets any brownie point for guessing this: it’s the ‘Taj Mahal’. Agra also boasts of two other world heritage sites: the Agra Fort and the Fatehpur Sikri Fort.
But today’s Agra does not rest easy on its laurels. The spilling effects of the development in Delhi and NCR are apparent in this old city as well.
Recently, there has been a surge of real estate development in Agra. Property rates have started to crawl up. A growing number of malls and restaurants have given a boost to the market for residential real estate development.
Commerce in Agra
Tourism is the biggest commercial venture in Agra. The Taj Mahal alone draws 40,000 visitors on a normal day and even higher up to 70,000 visitors on a special holiday. So, one can only imagine the commercial viability of the tourism sector in Agra.
This city also houses small and medium enterprises for leather goods, carpets, gold and silver jewellery pieces, handicrafts, and marble and stone carving and inlay work. It is also an export hub for these products. This involves a huge chunk of the domestic population who need residential real estate development. This growing demand is being met by builders that are taking up projects in and around the city.
The recent development of commercial space like malls and an international airport is another attraction for real estate developers. This development spree is generating employment and jacking up the purchasing power of the common man.
Investment in Residential and Commercial Properties
Investment in commercial properties is a lucrative deal in Agra. It is one of the best places to start your own business. A new and growing market offers endless real estate opportunities to people willing to invest.
Inhabitants of Agra mainly belong to the middle class. They need financial planning and home loans to buy a house. Banks and other non-banking financial corporations may come in handy in this respect as they provide home loan schemes in Agra at attractive rates.
Things to Remember while taking Home Loan
The thought of home loan may scare a first-time borrower. The idea of EMIs, interests, and any possible penalties may intimidate him/her at first. But the home loan is one of the best forms of investment. It gives you tax benefits and helps you build wealth.
You should find out your home loan eligibility from any of the banks and non-banking financial institutions. They may have some pre-approved plans for you. Use the online home loan EMI calculator to find out what your EMI would be if you apply for a certain amount of loan. All lenders understand that taking all your money is not an option. They aim to keep the EMI within 30%– 40% of a person’s total income so that you can carry out your daily chores with ease.
Before you apply for a home loan, check out the different offers available in the market. During festivals and special holidays, banks and non-banking financial institutions run special campaigns with discounts or gifts. Some may offer lower housing loan interest rates that are not affected by inflation.
Evaluate your needs and find the lender that suits your needs the best.
Last but not Least
Agra is a growing market for real estate investment. The prices are still low, but they are showing a steadily rising trend. You can invest now in residential or commercial properties in Agra to earn good returns in future.