Real estate prices in Ayodhya have reportedly skyrocketed after consecration of the Ram Temple in the city. According to reports, house prices have risen by 179% in just three months. Magicbricks’ analysis verifies that Ayodhya has emerged as a popular destination for investment, drawing interest from well-known figures as well. It was recently reported that a plot in Ayodhya had been purchased by Bollywood star Amitabh Bachchan. According to research by the online real estate company Magicbricks, the same location in Ayodhya cost Rs 3,174 per square foot in October of last year; but by January of 2024, it was up to Rs 8,877 per square foot. Accordingly, a property valued at Rs 10 lakh now commands a cost of almost Rs 28 lakh.
Magicbricks claimed that the search for residential properties in Ayodhya has increased by 6.25 times. Amit Singh, a local real estate broker in Ayodhya, said there has been no change in circle rates in the city in the last 5-6 years, but the market rates are very high, leading to a price gap. “Prices in some areas of the city are now out of reach, especially for locals,” he said. Singh said, “Property prices have increased the most in the last six months due to the inauguration of Ram temple and development of infrastructure in the city. To capitalise on this opportunity, many buyers from other districts and regions across the country have purchased properties here at higher prices, which has transformed the real estate market.”
Apart from homes in cities, the majority of real estate investments are undertaken in land. Examples of these locations are Faizabad Road, Deokali, Chaudah Kosi Parikrama, Ring Road, Nayaghat, and the Lucknow-Gorakhpur Highway. Due to the fact that these locations are 6 to 20 km away from the Ram Temple, investors are becoming more interested in them.
According to data from the Stamp and Registration Department of Ayodhya district, there has been a 120 percent increase in property registrations between 2017 and 2022. In 2017 (much before the Supreme Court ruling in 2019), 13,542 properties were registered in Ayodhya. According to government data, it has now increased to 29,889 in 2022. According to real estate consultancy ANAROCK Group, land rates which ranged from Rs 1,000 to Rs 2,000 per square foot in 2019, are now Rs 4,000 to Rs 6,000 per square foot.
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