Last Updated:November 18, 2025, 20:04 IST

Bolstered by the popularity of Premanand Maharaj and the Banke Bihari Temple Corridor, Varanasi’s land prices have gone from Rs 20,000 per 900 sq ft to Rs 1 crore in just 4 years

In a striking shift from the traditional focus on metro and tier-1 cities, the real estate landscape is witnessing a new trend as pilgrimage and religious cities are becoming prime destinations for homebuyers and investors. Cities such as Ayodhya, Varanasi, Prayagraj, Vrindavan, and Haridwar are seeing a surge in property demand, with some areas experiencing price jumps of up to 500%.

Experts attribute this boom to a combination of religious tourism, major infrastructure projects, and increased economic activity in these cities. “The construction of the Ram Temple in Ayodhya, the Kashi Corridor in Varanasi, and major festivals like the Maha Kumbh have attracted a growing number of devotees,” said a property analyst. He said that the rise in footfall is directly influencing real estate, with demand for second homes, retirement properties, and serviced apartments at an all-time high.

Vrindavan: Prices Jump 500%

Vrindavan has emerged as one of the most expensive religious real estate markets in the country. The city’s growing prominence, bolstered by the popularity of Saint Premanand Maharaj and the Banke Bihari Temple Corridor, has seen land prices escalate from Rs 20,000 per 100 square yards to over Rs 1 crore in just four years in approved residential projects like Rukmini Vihar. Developers such as Omaxe, Basera, and Amaiya are actively launching high-rise residential and commercial projects, including Omaxe Krishna Crest, Omaxe Eternity, and Omaxe Bettgather Courtyard Mall, catering to the surge in demand.

Ayodhya: Land Prices Soar 50-100%

Ayodhya has witnessed a dramatic rise in property rates since the construction of the Ram Temple started. Land surrounding the temple has seen prices climb by 50-100%, prompting developers to plan theme-based townships and modern residential projects. Local developer Ayodhya Home & Soul Developers is reportedly preparing to launch a significant residential project in the city. Improved infrastructure and government-backed initiatives are further enhancing returns, making Ayodhya a hotspot for investors and homebuyers alike.

Prayagraj: From Industrial Hub to Real Estate Attraction

The Naini area in Prayagraj is rapidly transforming, driven by its emergence as both an industrial and educational hub. Developers, including Omaxe, are establishing large residential projects such as Omaxe Sangam City and Omaxe Ananda, shifting the market from traditional low-rise housing to high-rise developments.

Dehradun: Penthouses and Luxury Apartments in Demand

In Dehradun, Sahastradhara Road and Rajpur Road, along with areas near Tapkeshwar Mahadev and Drone Cave Temples, are witnessing growing real estate interest. Projects like Sikka Kimaya Greens and Excentia Tatva are introducing luxury apartments, high-rises, and penthouses, merging modern amenities with serene surroundings. Excentia Tatva, in particular, is being promoted as the city’s first uber-luxury residential experience.

Varanasi: A Rising Hub for Real Estate Investment

Varanasi continues to attract Shiva devotees and investors alike, with both residential and commercial properties seeing heightened interest. Improved connectivity and growing religious tourism are factors driving the city’s rising property prices.

Why Religious Cities Are Gaining Momentum

Several factors underpin this new trend:

• Religious tourism is seeing record growth, drawing lakhs of devotees annually.
• Enhanced highway, rail, and air connectivity makes these cities more accessible.
• Rising demand for retirement homes and second residences is fueling development.
• Branded developers from Delhi-NCR and other major cities are entering these markets.
• Government support and infrastructure projects are boosting investor confidence.

As spiritual hubs evolve into real estate hotspots, these cities are no longer just centres of faith, they are emerging as strong, high-return investment destinations.

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Last Updated:November 18, 2025, 17:54 IST

Budget 2026: Market participants urge Finance Minister Nirmala Sitharaman to reduce the securities transaction tax (STT), especially on cash market transactions.

Finance Minister Nirmala Sitharaman on Tuesday chaired the fourth pre-Budget consultation with the stakeholders from the capital markets to discuss the next Union Budget 2026-27. According to CNBC-TV18 citing sources, market participants urged the government to reduce the securities transaction tax (STT), especially on cash market transactions.

The industry also pushed for reforms in the buyback taxation, calling for the levy to apply only on the profit component of a buyback instead of the entire amount, according to the report. Steps to boost retail participation in the equities markets were also discussed, along with a proposal to raise retail ownership from the current 5% to 8% over time.

What’s STT, And How Does It Impact Investors?

The Securities Transaction Tax (STT) is a tax levied on the purchase and sale of securities on recognised stock exchanges. Introduced in 2004, it applies to equity shares, derivatives, equity-oriented mutual fund units, and ETFs. The tax is collected upfront by the exchange and passed on to the government, making compliance automatic and eliminating the need for separate filing.

Current STT Rates, How STT Works

The rate of STT differs depending on the type of transaction:

• For equity delivery trades, STT is charged on both buy and sell sides.
• For intraday and derivatives, it is typically levied only on the sell side.
• Options attract STT on premium, while futures attract it on the contract value.

Because the tax is charged on every trade, the impact compounds for frequent traders and high-volume participants such as proprietary desks, HNIs, and institutions.

As of now, STT on cash-market delivery trades is 0.1 per cent on both the buy and sell side, which is Rs 100 per Rs 1 lakh of trade value when you buy, and another Rs 100 per Rs 1 lakh when you sell. Intraday equity trades attract STT of 0.025 per cent (Rs 25 per Rs 1 lakh) on the sell leg only. In the derivatives segment, the tax is 0.02 per cent on the sale value of equity futures (Rs 20 per Rs 1 lakh) and 0.1 per cent of the option premium on the sale of equity options; if an option is exercised, a separate STT is levied on the intrinsic value at settlement.

How Can Lower STT Benefit Investors?

STT directly raises the cost of trading. Even a small reduction benefits:

• Retail traders, by increasing net return on intraday and F&O trades.
• Derivatives markets, where margins are already tight and volumes are high.
• Liquidity, as lower trading costs can encourage participation.

In the run-up to Budget 2026, this has become a key demand from market leaders looking to keep transaction costs competitive.

Mohammad Haris

Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h…Read More

Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h… Read More

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Home Depot on Tuesday cut its full-year profit forecast and missed Wall Street’s earnings expectations for the third straight quarter as it saw weaker home improvement demand, tepid consumer spending and lower than usual storm activity.

The retailer said it now expects full-year sales will climb about 3% and comparable sales, which take out the impact of one-time factors like store openings and calendar differences, to be slightly positive. That compares to its previous expectations for full-year sales to grow by 2.8% and comparable sales to increase by 1%.

The revised outlook includes an estimated $2 billion in incremental revenue from GMS, a building-products distributor that Home Depot acquired earlier this year. The company’s sales were not part of its previous full-year guidance.

Home Depot expects full-year adjusted earnings per share to decline by about 5% from the year-ago period, compared to its prior expectations that they would fall by about 2%

In a CNBC interview, Chief Financial Officer Richard McPhail said the retailer previously expected home improvement activity would increase. It also anticipated higher sales of roofing materials, generators and other supplies that typically sell before and after seasonal storms.

Neither dynamic materialized, he said, putting pressure on the business. 

“When we set guidance, we had anticipated that demand would begin to accelerate gradually in the back half of the year as interest rates and mortgage rates eased,” he said. “But what we saw was that ongoing consumer uncertainty and continued pressure in housing are disproportionately impacting home improvement demand.”

Here’s what Home Depot reported for the fiscal third quarter compared with Wall Street’s estimates, according to a survey of analysts by LSEG:

• Earnings per share: $3.74 adjusted vs. $3.84 expected
• Revenue: $41.35 billion vs. $41.11 billion expected

Home Depot’s stock dropped about 2% in premarket trading Tuesday. As of Monday’s close, the company’s shares are down about 8% so far this year. That trails the S&P 500’s 13% gains during the same period.

For Home Depot, housing turnover typically sparks larger and more lucrative projects as customers fix up their homes before or after moving. Those big projects, however, have dropped in frequency as higher interest rates have led to steeper mortgage rates and borrowing costs for loans, which a homeowner may use to pay for a kitchen remodel or major addition.

Since roughly the middle of 2023, McPhail has told CNBC that homeowners have been in a “deferral mindset.” That’s led to a bit of a waiting game for Home Depot, as it awaits either lower mortgage rates or a shift by consumers who get used to higher mortgage rates as the new normal.

In the most recent three-month period, that waiting game continued. McPhail told CNBC that demand was “stable” from the fiscal second quarter to the third quarter when adjusting for the lack of hurricanes. 

But, he added, “at this point, it’s hard to identify near-term catalysts that would lead to acceleration.” 

Home Depot’s net income for the three-month period that ended Nov. 2 dropped to $3.60 billion, or $3.62 per share, from $3.65 billion, or $3.67 per share, in the year-ago quarter. Revenue decreased from $40.22 billion in the year-ago quarter.

Average ticket, the typical amount spent by customers at the store or on the company’s website, rose 1.8% year over year in the quarter. However, customer transactions fell 1.6% year over year.

A bright spot in the quarter was online sales, which rose by 11% year over year, McPhail said.

Compared to other big-box retailers, Home Depot’s customers tend to be more financially stable. About 90% of its do-it-yourself customers own their homes and the home professionals who shop at the retailer tend to get hired by homeowners.

Even so, McPhail said Home Depot’s weaker outlook came in part because shoppers across income groups are reluctant to take on high-dollar projects. He said a slower housing market and the higher cost of borrowing has contributed to the trend.

He said other factors may also be having a chilling effect, including the prolonged government shutdown, an uptick in corporate layoff announcements and a decline in home values in some markets.

As do-it-yourself customers postpone bigger projects, the company has tried to attract more business from contractors, roofers and other professionals.

The company has made two key purchases of pro-related companies. Last year, it bought Texas-based SRS Distribution for $18.25 billion — the largest acquisition in its history. The company sells supplies to professionals in the landscaping, pool and roofing businesses. Earlier this year, Home Depot announced it was buying GMS.

Like other retailers, Home Depot has felt the pinch of higher costs on some imported items because of tariffs. McPhail said in May that the company was diversifying the countries where it sourced its goods and intended to “generally maintain our current pricing levels across our portfolio.”

However, company leaders warned in August that it may have to hike prices in some categories because of higher tariffs.

McPhail told CNBC that Home Depot has increased some items’ prices, but said “where there were price actions, they were modest.” 

He said Home Depot has kept prices the same for some key items or even been able to reduce them. For example, he said, its best-selling seven-and-a-half foot Grand Duchess Christmas tree and many of its strings of lights for trees have dropped in price.