It is Risky to Buy Property in Religious Localities?

Bangalore: Some people prefer to buy property close to religious localities, either for accommodation or for investment purpose. At times, such property may fetch good rental incomes, considering the fact that pilgrims throng to these places in huge number, but on the other side, it may turn out to be a risky business as well.

Anuja Wagle and her family shifted to a new house in the western periphery of Mumbai a decade ago, without knowing about one prominent shrine close to their vicinity. Wagle says that that "We bought the house as the property rate was very low then and the price fit our budget. We believe that we were lucky to get a house that shares the temple's boundary wall. Over the years, the popularity of the temple has also increased. This is why the property rates in this area have gone up tremendously since the past couple of years," reports Amit ShanbaugAmit Shanbaug, ET Bureau.

However, the market scenario is not the same for all religious localities, pitfalls are there as well. Below discussed some of the points whether you should buy property close to religious localities or not. And, if you are buying such property, what are the related issues that you need to tackle while sell such property to get good return on investment or good appreciation.