Ram Mandir Inauguration: Property Prices Soar In Ayodhya As Land Inquiries Surpass Goa, Himachal & Others

Ahead of Ram Mandir's inauguration on January 22, 2024, there has been an unparalleled jump in inquiries for land or apartments around the city of Ayodhya from the National Capital Region (NCR). This is as per multiple real estate agents who have confirmed that 90% of all outstation inquiries are about land, plots, or flats around Ayodhya, making it the most sought-after location for real estate investment in India.

Property Prices Soar In Ayodhya

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Although the regular influx of devotees every year in Ayodhya does happen, the construction and inauguration of Ram Mandir are boosting the city's tourism further. Property rates have soared by more than 100 percent in the past year.

KK Sharma, a Noida-based real estate agent, mentioned that Ayodhya now surpasses Goa, Himachal Pradesh, Uttarakhand, and other popular tourist destinations in terms of property queries. He attributes this surge to the ongoing construction of the Ram Mandir, which has put Ayodhya on the country's tourism map. Sharma reports that over 90 percent of all outstation property inquiries are now exclusively for Ayodhya, a shift from the previous trend of seeking investment in places like Goa, Uttarakhand, and Himachal Pradesh.

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This trend has also sparked interest among real estate developers. An increase in demand for flats in Ayodhya has been observed, especially from residents of high-rise apartments who are looking to invest in similar living standards. Ujjwal Mishra, co-founder of Blue House Consulting, confirms that realtors are also considering projects in Ayodhya due to this growing interest.

As per the Hindustan Times report, with the Ram Mandir¡¯s inauguration in Ayodhya fast approaching, real estate brokers say that with several investors from across the country and even overseas chasing fewer land parcels, land prices have hit the roof¡ªin some cases, four to 10 times the prices prevalent only four to five years ago.

Also Read: Bengaluru Brokers Are Now Offering 'Apartment Tour Packages' As Rents Soar

Highest Land Registration Collected By Ayodhya

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The real estate buzz in Ayodhya grew after India's PM, Narendra Modi, laid the foundation stone for the Ram Mandir in August 2020. Since the construction of Ram Mandir began, Uttar Pradesh has pushed in a lot of infrastructure development in the town, making it an attractive place for investors. Some reports claim that Ayodhya secured the highest position in Uttar Pradesh for revenue collection in November, specifically in the context of income generated from land registration.

A broker named Parasuram Mishra informed that the prices of property within a 5¨C10-kilometre radius of the Ram Mandir shot up exponentially and now range between ?2,000 per square foot and as high as ?18,000 per sq ft. ¡°Land prices have hit the roof, making it unaffordable in some pockets," he said, as per a Hindustan Times report. The broker also gave an example: one biswa of land, which is roughly 1,350 square feet, was earlier available for a few lakh rupees, but the price is now touching ?60 lakh.

Ayodhya Airport Also Adding To The Boost

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Ayodhya is also getting Uttar Pradesh's 5th international airport after Lucknow, Varanasi, Noida (under construction), and Kushinagar. The airport will connect the town with various parts of the world, making it an enticing option for the developers, who are seeing huge potential due to the religious significance of the place.

The town is expected to witness the development of numerous townships and privately owned hotels, with the government having approved the designated land. "Almost 95% of the land has been acquired. This will be located along the Lucknow-Gorakhpur highway," Satyendra Singh, secretary of the Ayodhya Development Authority, said.

Also Read: Buying Property In Bengaluru Gets Costlier From October 1

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