Over the past few years, property prices in the holy city of Ayodhya have gone through the roof, rising up to 10 times their original value. Indian and foreign investors are lining up to get a piece of this temple town’s newly opened land market.
SC Verdict Triggers Ayodhya Gold Rush
A lot of the crazy interest in Ayodhya real estate is because of the Supreme Court’s important decision in 2019 about the contested Ram Janmabhoomi site.
The decision made people all over the country feel better and made it possible to build a big Ram Temple. At Ayodhya ground zero, the judgment caused property prices to skyrocket as demand grew by leaps and bounds.
Anarock study shows that land prices along the Faizabad Road on the outskirts of Ayodhya went through the roof right after the SC order. In the temple town itself, average prices per square foot doubled or tripled over the next year.
4X Price Rise in 4 Years as Investors Make Beeline
Now we’re in 2024, and property prices in Ayodhya have gone up more than four times what they were before the decision!
Prices in Ayodhya have gone up three to four times since 2019, when they were around ₹1,000 to 2,000 per square foot. Prices on the edges have risen from ₹400 to 700 psf to ₹1,500 to 3,000 psf now.
Ayodhya has a lot of potential to become a major religious tourist hub. This is being backed by domestic investors, NRIs, developers, and even big companies. Along with rising land prices, hotel room rates have also reached their highest point in the area.
Ayodhya 2.0 – The Making of a Vibrant Temple Township
The government, led by chief minister Yogi Adityanath, is working to improve Ayodhya’s power, roads, and transportation systems as a whole.
World-class projects to connect cities, like expanding airports, building new train lines, and building six-lane expressways, are moving forward at full speed to allow a lot of tourists to come in.
Over hundreds of acres of land near the temple site have also been given by the government to private townships and hotels. Big projects have already been launched by top builders like Lodha Group.
As the temple gets closer to completion, dozens of new services for lodging, shopping, and leisure will spring up around it. This is the start of Ayodhya 2.0.
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Bullish Outlook but Caution Advised for Investors
Analysts warn investors to be careful during this crazy time, even though the Ayodhya growth story seems interesting.
Legal experts say that you should do a lot of research on land ownership titles and the rules that apply to zones in different places. Buyers should look at the infrastructure and connections that are already in place.
It’s also important to look at the government’s plans to find places that could be hubs for hotels or homes. For people who aren’t sure about the details, gradual entry through managed property funds may be a good option.
Overall, though, early players in Ayodhya’s new land market are likely to make a lot of money as the temple plan moves forward over the next ten years. Yogi’s big bets on improving infrastructure for tourists and marketing around the world should also pay off big.
Ayodhya is both a positive example of rebuilding done right and a boost for India’s real estate market, which is on the rise again.