Real Estate Prices Skyrocket In Ayodhya After Ram Temple Consecration: Study – News18

Real property costs in Ayodhya have reportedly skyrocketed after consecration of the Ram Temple within the metropolis. According to studies, home costs have risen by 179% in simply three months. Magicbricks’ evaluation verifies that Ayodhya has emerged as a preferred vacation spot for funding, drawing curiosity from nicely-identified figures as nicely. It was lately reported {that a} plot in Ayodhya had been bought by Bollywood star Amitabh Bachchan. According to analysis by the web actual property firm Magicbricks, the identical location in Ayodhya value Rs 3,174 per sq. foot in October of final 12 months; however by January of 2024, it was as much as Rs 8,877 per sq. foot. Accordingly, a property valued at Rs 10 lakh now instructions a price of virtually Rs 28 lakh.

Magicbricks claimed that the seek for residential properties in Ayodhya has elevated by 6.25 instances. Amit Singh, an area actual property dealer in Ayodhya, mentioned there was no change in circle charges within the metropolis within the final 5-6 years, however the market charges are very excessive, resulting in a worth hole. “Prices in some areas of the city are now out of reach, especially for locals,” he mentioned. Singh mentioned, “Property prices have increased the most in the last six months due to the inauguration of Ram temple and development of infrastructure in the city. To capitalise on this opportunity, many buyers from other districts and regions across the country have purchased properties here at higher prices, which has transformed the real estate market.”

Apart from properties in cities, the vast majority of actual property investments are undertaken in land. Examples of those areas are Faizabad Road, Deokali, Chaudah Kosi Parikrama, Ring Road, Nayaghat, and the Lucknow-Gorakhpur Highway. Due to the truth that these areas are 6 to twenty km away from the Ram Temple, traders have gotten extra curious about them.

According to knowledge from the Stamp and Registration Department of Ayodhya district, there was a 120 p.c enhance in property registrations between 2017 and 2022. In 2017 (a lot earlier than the Supreme Court ruling in 2019), 13,542 properties had been registered in Ayodhya. According to authorities knowledge, it has now elevated to 29,889 in 2022. According to actual property consultancy ANAROCK Group, land charges which ranged from Rs 1,000 to Rs 2,000 per sq. foot in 2019, are actually Rs 4,000 to Rs 6,000 per sq. foot.