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A concrete blessing in disguise

DNMUM314458 | 8/29/2014 | Author : Vijay Pandya | WC :573

Properties with temples within the premises tend to witness greater value appreciation and resale demand
dna of property

When people buy a home, a temple within the premises may not necessarily rank very high on their list of priorities. However, when they decide to sell the house and move on, this factor tends to influence the transaction a lot. The valuation and demand for projects with temples is much higher. The religiously inclined find it more convenient to buy in such projects. For Jains, who walk barefoot to the 'derasar,' it can really be a blessing in disguise.

Community driven
Ganesh Vasudevan, CEO, IndiaProperty.com, explains, "Residential projects with a religious structure are highly popular amongst the Jains, Marwari and Guajarati community. The developer analyses his market well and mostly launches such projects in localities which are highly dominated by a certain section of the society. In such cases these religious structures act as a big USP for the project amongst that community. These projects have witnessed good price appreciation and have seen high demand for both new and resale flats. Though such projects come at a risk for the developer and investors due to limited buyer profile, over time they have become highly popular in MMR."

Key locations
Shrinivas Rao, CEO-Asia Pacific, Vestian, points out that residential properties and housing societies with Jain temples and in-built kitchens to host community functions are fast moving assets in the north western and eastern quadrants of Mumbai. Neighbourhoods in Andheri(E), Andheri(W), Borivali, Virar, and Chembur are by far popular choices for this community and witness rental appreciation is between 5%- 10% annually. With the monorail and eastern expressway improving connectivity in eastern quadrant of Mumbai, new residential complexes including such amenities are sure to observe healthy price appreciation in the short to medium term.

Resident perspective
Shanti Apartment, Gorai Indira CHS Ltd has a small temple installed within the premises. Amar Singh Kundliwal, Entrepreneur, Shanti Constructions, secretary of the society, points out, "Given the option, not only the elderly, but young couples also would choose to buy a flat, which has a temple nearby or within the premises. Hence, it serves as a catalyst and helps in the buying decision. If it is a Jain Derasar or a Church or place of worship of minority communities, people from those communities would certainly pay a lot more premium," he opines.

Community facilitator
Bhavna Pandya, a homemaker and mother, says, "During Navaratri we organize garbas. During Ganeshotsav we bring Lord Ganesha to our building and friends living nearby come to visit. Having a temple closer to our homes benefits elders."
Radha Sangle, a senior citizen and grandmother, shares, "It becomes easier to visit the place of worship daily. After a certain age, people tend to turn towards spirituality and if the premises has a place of worship, it definitely influences purchase decision making."
Resident inputs by Ankur Sinha

The flip side
1 Certain residents feel that having a temple within the premises tends to compromise on the security aspect since people from surrounding areas, often total strangers, freely access the premises on the pretext of ‘taking darshan.’
2 Moreover, since the temple is a hub during religious or community events, those residing nearby have to endure devotional songs set to the tune of bollywood blockbusters blaring from loudspeakers all day.
3 For those residing next to a major temple, even if it is not part of their project, the nuisance of having parked cars blocking their access road can sometimes, outweigh the benefits of having God as a neighbour.



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