How does conserving cultural heritage impact real estate?
What attracts tourists from over the world to India? What makes it popular? The answer has to be our rich culture and heritage. This doesn’t limit to the tourists alone, a rich culture and heritage also attract real estate buyers. The heritage sites in a city impact the economy and real estate market at large. This is applicable to all cities worldwide.
According to a study known as the Impacts of Cultural Heritage on the real estate by the European Heritage Heads Forum or (EHHF) in Hungary, found that if compared with the non-listed properties, 1.9 percent price premium is caused by the national monument protection, 8.2 percent price effect is generated by the historic environment, and 4 percent fall is triggered in the local protection in Hungary.
This shows that the need for the development and conservation of historic sites and market them has become a point of concern for the government as well.
The Finance Minister of our country, Arun Jaitley announced his plans to preserve the heritage sites in India. National Heritage City Development and Augmentation Yojana, also known as HRIDAY has been started in full fledged to preserve and revitalize the soul of historic sites.
As India has tons of tourist attractions at historic sites, it has been proposed that 10 prominent tourist attractions should be developed into iconic tourism destinations by using a holistic approach. This approach will involve skill and infrastructure development, technology development, attracting private investment, marketing and branding. To enhance the visitor experience, the Archaeological Survey of India will upgrade the tourist amenities at the Adarsh monuments.
HRIDAY
To preserve the heritage of each city, Prime Minister, Narendra Modi had launched a scheme in January 2015. This scheme aims at bringing together heritage conservation, economic growth, and urban planning. It includes revitalization of urban infrastructure for heritage sites like ghats, monuments, temples etc. Under this, the transportation, roads, parking, and sanitation of 12 cities will be improved and taken care of.
Adarsh monuments
This scheme was launched in 2015 and aims to improve the tourist amenities at a few key monuments. It includes Delhi’s Humayun’s Tomb, Mumbai’s Gateway of India and Elephanta Caves, Karnataka’s Hampi, and the Konark Temple of Karnataka. All of these monuments will undergo marketing and branding.
The impact on cities
Both of these schemes can be essential for the revival and development of real estate in top cities like Delhi, Mumbai, Pune, and etc. For example, Known for the ghats of River Ganga, Varanasi, has seen a hike in property prices and has apparently surpassed the prices in its state capital, Lucknow.
A maintained and well-developed heritage culture makes sure that a lot of tourists visit the city and think of settling there. All of this together creates a need for small business setups and vacation homes. And hence, increasing the demand for real estate.
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