Ayodhya RE booms as Ram Mandir inauguration nears, prices soar 4 times

15 Dec 2023 CW Team

Ayodhya is set to become Uttar Pradesh's 5th international airport, following Lucknow, Varanasi, Noida (under construction), and Kushinagar. This airport is expected to establish global connectivity for the town, adding to its appeal for developers who recognise the immense potential linked to its religious significance.

The town is poised for the establishment of various townships and privately owned hotels, with the government having approved the allocated land. Satyendra Singh, the secretary of Ayodhya Development Authority, mentioned that almost 95% of the land has been acquired, and the development will be situated along the Lucknow-Gorakhpur highway, according to Hindustan Times Digital.

The real estate boom in Ayodhya gained momentum after Prime Minister Narendra Modi laid the foundation stone for the Ram Mandir in August 2020. Subsequent to the commencement of the Ram Mandir construction, Uttar Pradesh initiated substantial infrastructure development in Ayodhya, transforming it into an appealing destination for investors. Some reports indicate that Ayodhya achieved the highest revenue collection in Uttar Pradesh in November, particularly concerning income generated from land registration.

A broker named Parasuram Mishra, quoted in the report, reveals that property prices within a 5-10 km radius of the Ram Mandir have surged dramatically, ranging from Rs 2,000 per sq ft to as high as Rs 18,000 per sq ft. Mishra illustrates the drastic increase by citing an example of one biswa of land, approximately 1,350 sq ft, which was previously available for a few lakh rupees but now commands a price of Rs 60 lakh.

As the inauguration date of the Ram Mandir in Ayodhya approaches, real estate prices in the town are experiencing a significant surge. According to a report, the ongoing infrastructure development in Ayodhya is driving up property values, with an anticipation of numerous hotels and residential projects flourishing in the town post the Ram Mandir inauguration. The report reveals instances where prices have inflated by 4 to 10 times compared to the period five years ago. Ayodhya is set to become Uttar Pradesh's 5th international airport, following Lucknow, Varanasi, Noida (under construction), and Kushinagar. This airport is expected to establish global connectivity for the town, adding to its appeal for developers who recognise the immense potential linked to its religious significance. The town is poised for the establishment of various townships and privately owned hotels, with the government having approved the allocated land. Satyendra Singh, the secretary of Ayodhya Development Authority, mentioned that almost 95% of the land has been acquired, and the development will be situated along the Lucknow-Gorakhpur highway, according to Hindustan Times Digital. The real estate boom in Ayodhya gained momentum after Prime Minister Narendra Modi laid the foundation stone for the Ram Mandir in August 2020. Subsequent to the commencement of the Ram Mandir construction, Uttar Pradesh initiated substantial infrastructure development in Ayodhya, transforming it into an appealing destination for investors. Some reports indicate that Ayodhya achieved the highest revenue collection in Uttar Pradesh in November, particularly concerning income generated from land registration. A broker named Parasuram Mishra, quoted in the report, reveals that property prices within a 5-10 km radius of the Ram Mandir have surged dramatically, ranging from Rs 2,000 per sq ft to as high as Rs 18,000 per sq ft. Mishra illustrates the drastic increase by citing an example of one biswa of land, approximately 1,350 sq ft, which was previously available for a few lakh rupees but now commands a price of Rs 60 lakh.