Ayodhya Ram Mandir | Rising online home searches, average property rates up 179% in 3 months: MagicBricks

By Bricksnwall | 2024-01-25

Ram Mandir in Ayodhya: A real estate consultancy claims that land rates, which in 2019 varied from Rs 1,000 to Rs 2,000 per sqft, are currently between Rs 4,000 and Rs 6,000 per sqft.

According to Magicbricks, an online real estate platform, average property rates in Ayodhya, where the Ram Mandir was opened to the public on January 23, have increased by 179% in the last three months.

The portal sent a statement to Moneycontrol stating, "As per Magicbricks Research, the average prices in Ayodhya have increased from Rs 3,174 per sq ft in October 2023 to Rs 8,877 per sq ft in January 2024."

According to Magicbricks, searches for residential properties in Ayodhya have increased 6.25 times concurrently.

The platform has witnessed a staggering 6.25x increase in searches for residential properties in Ayodhya during the same three-month period, demonstrating significant interest from potential property buyers and rising residential demand in the city, the statement continued.

According to Amit Singh, a local real estate dealer from Ayodhya, the market rate is extremely high, which causes a discrepancy in prices, yet circle rates have not changed in the city in the previous five to six years. "Prices in some areas of the city are now unaffordable, particularly for residents," he continued.

"The city's infrastructural development and the Ram Mandir's opening have driven up property values, which hasn't happened in the last six months." The property industry has altered as a result of several buyers from other areas and districts of the nation taking advantage of the chance and paying greater prices for properties here, Singh continued.

In what locations are investments being made?

The majority Real estate investments are made in land, and in addition to properties located in cities, there is significant demand for real estate in a number of locations, including Faizabad Road, Deokali, Chaudah Kosi Parikrama, Ring Road, Nayaghat, and places near the Lucknow-Gorakhpur highway, according to local brokers.

They said that because these places are situated between 6 and 20 kilometers from the Ram Mandir, investors are interested in investing in them.

Data from the Ayodhya district's Stamp and Registration Department shows that between 2017 and 2022, property registrations increased by 120%.

13,542 properties were registered in Ayodhya in 2017, a year before the Supreme Court's decision in 2019. Government statistics shows that in 2022, this increased to 29,889.

Land rates, which in 2019 varied from Rs 1,000 to 2,000 per sqft, are currently at Rs 4,000 to 6,000 per sqft, according to real estate consultancy ANAROCK Group.

Source: Money Control