Gorakhpur is a city situated in Uttar Pradesh’s Purvanchal region. It is situated 270 km from the state capital Lucknow. Gorakhpur is now home to the world’s longest railway platform after the inauguration of the remodelled Gorakhpur railway yard.
The city has Mahayogi Gorakhnath Airport, which connects it to major metropolitan cities around the country. It is even going to get metro connectivity soon. Gorakhpur has four universities, hotel management institutes and a medical college with multiple other colleges in the pipeline.
Situated on the banks of River Rapti, the city enjoys a pleasant climate throughout the year. It is slowly developing into a real estate hub owing to the massive development of its commercial and residential popularity.
Let us understand how investing in Gorakhpur’s residential real estate can be profitable for you.
Top Reasons to Invest in Gorakhpur Real Estate
Here are some reasons why you should invest in Gorakhpur’s real estate market:
- Connectivity
Gorakhpur is developing into an air travel hub with swift connectivity to cities like Varanasi, Hyderabad, Jaipur, Chandigarh, etc. It also has good rail connectivity that connects the city to other major parts of the country. A budget of ₹1,000 crore has been allocated by the government for the development of Purvanchal Expressway and Gorakhpur Link Expressway, which will ensure more seamless connectivity.
- Great Amenities
A total of ₹14 crore has been allocated for medical colleges in different localities of Uttar Pradesh that include Gorakhpur as well. Another ₹29.50 crore has been allocated for construction of a modern auditorium in Gorakhpur. Multiple proposed developments in infrastructure and connectivity are going to transform the city into a real estate hub.
Residential Real Estate Investment Opportunities in Gorakhpur
Here are some of the localities in Gorakhpur suitable for residential real estate investment:
- Maniram
Maniram can be a viable option for residential real estate investment. This location has several residential lands for sale that are available in various plot sizes. All major banks have their branches here. The rate of most of the residential plots here is around ₹700 per square foot.
- Taramandal
It is one of the best residential localities in Gorakhpur. All basic amenities like schools, colleges, hospitals, banks and markets are present in its vicinity. Railway stations, bus stops and the airport are also within a short distance. Price of residential property here can be around ₹5,000 per square foot.
Read Also: Guide for Jamshedpur Residential Real Estate Investment
Things to Consider Before Buying a Residential Property in Gorakhpur
Here are some points that you should consider before purchasing a residential property in Gorakhpur:
- Rental and Resale Value
Calculating the rental and future resale value of the property that you are considering is necessary. Before finalising the property, consider the potential gains that you can reap out of the property. Therefore, having complete knowledge about the property’s locality is essential.
- RERA Authentication
Before investing in a property, it is vital to check whether it adheres to the norms of the Real Estate Regulatory Authority (RERA). It is a statutory body that was established after the enactment of the RERA Act of 2016. Its main aim is to ensure accountability and transparency in India’s real estate sector.
Make sure to check the authenticity of a property in Gorakhpur by visiting the portal of RERA Uttar Pradesh.