Introduction
Different figures about the rise in real estate prices, the real estate market in the town is now well organized, and Ayodhya has become an irresistible lure. International Airport, Rs. 2,200 crores to build a 1200-acre township is just one example.
Ayodhya Ram Mandir| On January 23, the Ram temple in Ayodhya was opened to the public. With this, the real estate boom in the temple town also started coming into the news. Property registrations have surged in Ayodhya, and rates per square feet have gone up drastically.
Development in real estate
The rise in real estate prices, which started in 2017, saw a surge after the Supreme Court’s (SC) verdict in 2019. According to data from the Ayodhya District Stamp and Registration Department, property registrations have increased by 120 percent between 2017 and 2022.
Brokers say the boom is strongest in Deokali, Chaudha Kosi Parikrama, Ring Road, Nayaghat, and areas along the Lucknow-Gorakhpur highway. These areas are said to be 6–20 km away from the temple and suitable for investment in Ayodhya.
Before the Supreme Court verdict
Before the Supreme Court judgment, 13,542 properties were registered in Ayodhya in 2017. This will increase to 29,889 in 2022. “Statistics of property registrations for 2023 are still being compiled. They are likely to be more than 35,000,” said an official requesting anonymity.
“Demand is increasing not only from locals but also from investors outside Ayodhya. Property prices in the city have gone up by around 25-30 per cent in 2019 immediately after the verdict,” said Anuj Puri, chairman of Anarac Group.
“In 2019, after the SC verdict, land prices in the suburbs (at Faizabad Road) increased to around Rs 400–700 per sq ft. Meanwhile, the average prices in the city were between Rs 1,000 and Rs 2,000 per sq ft. However, by October 2023, Average land prices in Ayodhya suburbs have increased by Rs 1,500 to Rs 3,000 per sq ft. As for urban areas, the average prices have increased between Rs 4,000 to Rs 6,000 per sq ft. Hence, the average prices there between 2019 and 2023 There is a significant increase, says Puri.
Bollywood Hero Amitabh Bachchan bought a plot in Ayodhya
About two weeks ago, Bollywood celebrity Amitabh Bachchan, 81, bought a plot in Sarayu, a 7-star mixed-use enclave in Ayodhya, through Mumbai-based developer The House of Abhinandan Lodha (HoABL).
Bachchan bought a 10,000 square feet plot for over 14 crores. HOABL, on January 22, also launched a 25-acre plot development project in Ayodhya. In the first phase, plots of 1,250 square feet are being sold for Rs 1.72 crore.
Local real estate broker Rajeev Gupta said property prices in Ayodhya have increased 5-8 times since the construction of the Ram Mandir began in August 2020. Land and property rates vary depending on size, location, and proximity to the temple.
“Property prices near the temple area range from Rs 10,000 to Rs 15,000 per sq ft. Those within 6-15 km from the temple site are priced at Rs 4,000-Rs 9,000 per sq ft. There is scope for further growth,” Gupta told Moneycontrol.
Conclusion
As we conclude your visit to Openplot.com, we want to express our gratitude for entrusting us with your real estate aspirations. According to data from the Ayodhya District Stamp and Registration Department, property registrations have increased by 120 percent between 2017 and 2022. It is better to invest in plots there now as there is scope for further growth. Because land prices are likely to increase in the coming days. Learn more. Welcome to a world where your investments are just a click away!
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