Ayodhya's property prices surge 4x ahead of Ram Mandir inauguration
What's the story
Ayodhya's real estate market is booming, with property prices skyrocketing since the 2019 verdict to build the Ram Mandir.
This growth is attributed to the temple and other major projects like an international airport, which are expected to keep driving up prices.
Land values have surged not only near the temple but also in Ayodhya's outskirts, reflecting the market's potential beyond its historical and cultural significance.
Details
Substantial hike in land prices
Land prices have significantly surged in places like Faizabad Road, where rates have jumped from Rs. 400-700 per sq ft in 2019 to Rs. 1,500-3,000 per sq ft as of October 2023.
Within city limits, average land prices have risen from Rs. 1,000-2,000 per sq ft in 2019 to Rs. 4,000-6,000 per sq ft currently.
This growth has attracted big developers and hotel chains to invest in Ayodhya, anticipating a robust market with ample opportunities for long-term prospects.
What Next?
Big developers and hotel chains eyeing a piece of Ayodhya
The House of Abhinandan Lodha, India's largest branded land developer, plans to launch a 25-acre residential project in January, located just 15 minutes from the new Ram Mandir.
Major hotel chains like Taj and Radisson are also eyeing properties in the area to accommodate the expected influx of domestic and international tourists.
With ongoing infrastructure improvements and urban development projects, Ayodhya's real estate market offers promising opportunities for investors and stakeholders alike.