After the Ram Temple was dedicated, Ayodhya’s real estate prices skyrocketed: study

<p>Following the dedication of the Ram Temple in the city, Ayodhya real estate values are said to have increased dramatically. In only three months, housing prices are said to have increased by 179%. According to Magicbricks’ data, Ayodhya has become a highly-liked investment location, attracting attention from notable individuals as well. Recently, there was news that Bollywood actor Amitabh Bachchan has bought a land near Ayodhya. The identical area in Ayodhya cost Rs 3,174 per square foot in October of last year, but by January of 2024, it was up to Rs 8,877 per square foot, according to analysis by the online real estate business Magicbricks. As a result, a property that was once valued at Rs 10 lakh is now approximately Rs 28 lakh.</p>
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<p>According to Magicbricks, the number of people looking for homes in Ayodhya has surged by a factor of 6.25. According to Amit Singh, a local real estate dealer in Ayodhya, circle rates have not changed in the previous six years in the city; nevertheless, market rates are quite high, creating a pricing disparity. “Prices in certain parts of the city are now unaffordable, particularly for residents,” he said. According to Singh, the opening of the Ram temple and the expansion of the city’s infrastructure are to blame for the largest rise in property prices during the last six months. The real estate market has changed as a result of several purchasers from other states and areas taking advantage of this chance to acquire houses here at greater costs.</p>
<p>Most real estate investments are made in land, with the exception of houses in cities. Faizabad Road, Deokali, Chaudah Kosi Parikrama, Ring Road, Nayaghat, and the Lucknow-Gorakhpur Highway are a few examples of these places. Investor interest in these places is growing since they are between 6 and 20 miles from the Ram Temple.</p>
<p>Data from the Ayodhya district’s Stamp and Registration Department shows that between 2017 and 2022, there was a 120 percent rise in property registrations. 13,542 Ayodhya homes were registered in 2017—many months before the Supreme Court’s decision in 2019. It has already climbed to 29,889 in 2022, according official statistics. Land costs, which in 2019 varied between Rs 1,000 to Rs 2,000 per square foot, are now between Rs 4,000 and Rs 6,000 per square foot, according to real estate consultant ANAROCK Group.</p>