As the much-awaited inauguration of the Ram Mandir in Ayodhya approaches, the town is witnessing a surge in interest among real estate investors, hoteliers, and individuals eyeing property investments in this religiously significant destination.
With the consecration ceremony set for January 22, 2024, real estate agents note a substantial increase in demand for land parcels, resulting in escalated prices. The interest spans across the nation and even attracts non-resident Indians, along with senior citizens seeking investment opportunities in second homes.
Anuj Puri, Chairman of ANAROCK Group, highlighted the escalating real estate demand, stating that the Supreme Court's 2019 verdict had triggered a significant surge in interest, not just among locals but also from external investors, including businesspersons.
Property prices in Ayodhya have witnessed a substantial surge since 2019. Initially estimated at ₹400-700 per sq. ft. on the outskirts and ₹1,000 – 2,000 per sq. ft. within the city limits, prices have soared to ₹1,500-3,000 per sq. ft. outside and ₹4,000-6,000 per sq. ft. within the city as of October 2023.
Legal experts caution prospective buyers to rigorously verify property title and ownership documents to evade potential disputes or legal entanglements.
For those considering property investments in Ayodhya, several crucial factors require attention. First, checking local zoning laws and regulations to confirm permissible land use is vital, considering possible restrictions due to historical and religious importance. Mona Dewan from ZEUS Law Associates emphasizes thorough due diligence regarding property-related regulations, usage, and development norms.
Assessing existing infrastructure and future development plans is equally crucial. Evaluating water supply, electricity, sewage systems, connectivity to major roads, and public transportation hubs is imperative for understanding a property's value and growth potential.
Pankaj Kapoor of Liases Foras anticipates immediate commercial real estate opportunities with hotel developments. However, housing projects might take time, contingent on the floating population of religious tourists seeking second homes.
Ayodhya's future also holds promise for townships and private hotels along Chaudah Kosi Parikrama, Ring Road, and Lucknow-Gorakhpur Highway. The Ayodhya Development Authority plans an 80-acre plotted housing scheme, while developers like HOABL aim to launch projects post-temple inauguration.
Moreover, real estate bodies such as NAREDCO foresee Ayodhya's potential for hotels, resorts, and apartments, preparing to organize builders' conferences to explore the city's commercial and residential prospects as it anticipates a surge in tourist footfall post-temple inauguration.
As the excitement mounts for the Ram Mandir inauguration, Ayodhya's real estate landscape braces for transformative growth, urging potential investors to navigate these opportunities with informed decisions and thorough due diligence.
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