Holy Cities in UP Reaping Real Estate Cash

Varanasi, the holiest of India’s cities, has a parallel commercial importance created by artisans and traders. It has been a traditional trading hub, and known the world over for its silk and brassware. Its neighbouring towns Bhadoi and Mirzapur are the source of its carpet industry. The presence of public sector giants Bharat Heavy Electrical Ltd and the Diesel Locomotive Works have also provided employment in the city.

Varanasi’s commercial significance will heighten once the Bhadoi SEZ is approved by the Centre. Purva Economic Zone aims at investment up to Rs. 2 – 3,000 crore in the first 5 years This Zone is proposed between Varanasi and Bhadohi close to Babatpur International Airport at Varanasi, and will be the biggest manufacturing & export centre for silk and carpets in India.

Preliminary notifications for the acquisition of an initial core area of approximately200 hectares have been issued.Amongst other real estate projects in Varanasi catering primarily to the devout, established property developer Unitech has announced a large-scale 1500 acre integrated township project. A mixed use of this property will include a residential colony of plots, villas and apartments, institutional and commercial spaces, an IT Park, retail space and a hotel. This 8-year project is due to start in August 2007. A techno-residential concept from Sahara will be executed in Varanasi in its first phase of Sahara townships across the country.

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