Ayodhya, the sacred city where the Ram Mandir recently opened its doors to the public, has witnessed a remarkable surge in its real estate market. In the last three months, average property rates have skyrocketed by 179%, according to data from the Stamp and Registration Department of Ayodhya district. This surge is not just a statistical phenomenon; it reflects a profound change in the city’s real estate dynamics.
Magicbricks Report
Magicbricks, an online real estate portal, reports a substantial increase in average property rates in Ayodhya from Rs 3,174 per sq ft in October 2023 to Rs 8,877 per sq ft in January 2024. This surge is accompanied by a noteworthy 6.25 times increase in online searches for residential properties, indicating a growing interest from prospective home buyers.
Local Perspectives
Amit Singh, a local real estate broker, highlights the significant impact of the opening of the Ram Mandir and infrastructural development on property prices. The spike in the last six months has attracted buyers from various regions, resulting in a surge that has made some pockets of the city unaffordable for locals.
Investment Hotspots
The real estate boom extends beyond the city limits, with areas such as Faizabad Road, Deokali, Chaudah Kosi Parikrama, Ring Road, Nayaghat, and regions along the Lucknow-Gorakhpur highway witnessing strong demand. These areas, located within a 6-20 km radius of the Ram Mandir, have become investment hotspots drawing attention from buyers.
Data Insights
Data from the Stamp and Registration Department reveals a significant 120% increase in property registrations between 2017 and 2022. The city’s real estate landscape is evolving rapidly, with land rates rising from Rs 1,000 to 2,000 per sq ft in 2019 to Rs 4,000 to 6,000 per sq ft in 2023.
Amitabh Bachchan’s Investment and Beyond
The real estate frenzy in Ayodhya has attracted attention from prominent figures like Bollywood celebrity Amitabh Bachchan. Bachchan recently invested in a 10,000 sq ft plot in The Sarayu, a 7-star mixed-use enclave, highlighting the city’s allure for investors.
Expert Opinions
Real estate experts believe that Ayodhya’s strategic location, coupled with upcoming mega projects like an international airport, positions the city as a promising investment hub. Sunil Sisodiya, founder of Geetanjali Homestate, predicts a steady appreciation with an expected return on investment of 8-10% in the coming years.
City Makeover and Future Prospects:
Ayodhya is undergoing a significant transformation with the Master Plan 2031, requiring an investment of Rs 85,000 crore over 10 years. This plan aims to create a new 1,200-acre township, emphasizing Ayodhya’s commitment to modernization. The grand consecration of the Shri Ram temple is expected to lead a $10-billion makeover, turning Ayodhya into a global tourist hotspot.
Developer Involvement:
Real estate developers are keenly eyeing Ayodhya’s potential. Lohia Developers, for instance, plans to venture into Ayodhya’s real estate, recognizing the city’s escalating land prices and the tourism sector’s staggering growth.
Conclusion:
Ayodhya’s real estate boom is not merely a surge in property rates; it signifies a transformative journey for the city. The confluence of cultural, religious, and infrastructural factors has created a dynamic market, making Ayodhya a compelling investment destination. As the city moves forward with hope and promise, the real estate sector becomes a key player in shaping Ayodhya’s future.
Also read : Ayodhya Real Estate Surge: The City Transforms Amid Ram Mandir Inauguration