Ayodhya Ram Mandir: In addition to drawing millions of worshippers to Ayodhya, the opening of the Ram Mandir on January 22, 2024, set off a real estate bubble that caused property values in certain places to increase by up to ten times.
Ayodhya’s Real Estate Boom
Real estate brokers claim that Ayodhya has surpassed well-known travel destinations like Goa, Himachal Pradesh, and Uttarakhand to become India’s most sought-after location for real estate investment. Plots, apartments, and land in and surrounding Ayodhya are in high demand, particularly from foreign and National Capital Region (NCR) investors.
Infrastructure Development Boosts Ayodhya’s Real Estate
The construction of Ayodhya’s infrastructure, which includes a ring road, a bus terminal, a railway station, and an international airport, is another factor contributing to the rise in real estate values. To increase the city’s tourism and cultural potential, the Uttar Pradesh government has also announced a number of massive projects, including a Ramayana university, a Ramayana circuit, a Ramayana museum, and a Ramayana theme park.
Surge in Ayodhya’s Suburban Land Prices
The average cost of land in Ayodhya’s suburbs has increased to between ₹ 1,500 and ₹ 3,000 per square foot, according to ANAROCK data, while average costs inside the city limits have skyrocketed to between ₹ 4,000 and ₹ 6,000 per square foot. When the Supreme Court ruled in favour of the Ram Mandir building in 2019, the prices were far higher than they are now.
Ayodhya’s Sacred Significance for Hindus
For Hindus, the city of Ayodhya, where Lord Ram was born, has long been holy and esteemed. However, the city was also the scene of a protracted legal battle and sectarian strife around the ownership of the property where the Babri Masjid previously stood, before to the momentous Supreme Court ruling in 2019 that made it possible for the Ram Mandir to be built.
Impact of Legal Battle on Real Estate
The conflict had a detrimental effect on Ayodhya’s real estate market, economics, and growth. Local real estate brokers claim that before to the ruling, there was very little demand for or price for land or other real estate in Ayodhya because buyers and sellers were afraid and uneasy.
In 2019, the average cost of land at Ayodhya’s outskirts, such Faizabad Road, was between ₹ 100 and 200 per square foot, while the average cost within the city limits was between ₹ 500 and 1000 per square foot. Additionally, commercial plots were offered at affordable prices; depending on the region, they started at about ₹ 1000 per square foot. Based on studies conducted by ANAROCK, the prices were nearly one-fourth of the current rates.
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