Ayodhya experiences infrastructure and real estate boom ahead of Ram Mandir opening
In outer areas where rates should be around ₹3,000, prices have skyrocketed to ₹6,000 to ₹7,000.
The inauguration of the much-anticipated Ram Mandir is just weeks away, transforming the once-sleepy town of Ayodhya into a bustling hub undergoing a significant infrastructure overhaul. This has led to a remarkable real estate boom, with property prices soaring to unprecedented levels. Investors, hoteliers, and business owners have flocked to the city, causing property prices to surge up to three times their original value.
Local property dealers, such as Kakku Singh, express the scarcity of available land in Ayodhya. According to Singh, in outer areas where rates should be around ₹3,000, prices have skyrocketed to ₹6,000 to ₹7,000. He notes that around the Ram Mandir, finding available land is a challenge, and if available, the prices are exorbitant.
The data from Ayodhya’s Stamp and Registration Department highlights the magnitude of the real estate boom. In the fiscal year 2018-19, approximately 9,000 properties were sold until November. However, this year, the corresponding figure has more than doubled, reaching 20,067 properties sold by November. The surge in property prices is evident as the date of the inauguration approaches.
The revenue generated by the department reflects this boom, rising to ₹15,631.33 lakh until November this year, compared to around ₹10,000 lakh in 2018-19. The Department’s revenue receipt for November recorded a remarkable 109 percent hike, marking the highest in the state.
Yogendra Pratap, Assistant Commissioner of the Stamp & Registration Department, attributes the revenue increase to the influx of calls from individuals wanting to invest in land for hotels and resorts. The booming infrastructure expansion has significantly contributed to the department’s revenue growth.
Local residents are optimistic about the potential benefits this investment may bring, anticipating an influx of tourists and new income opportunities. Rajjan Lal, residing 40 km from Ayodhya, has sold his village property to purchase a 1000 sq ft plot near Ayodhya. His plan is to start a small shop selling cement, aiming to capitalize on the flourishing infrastructure expansion. Lal acknowledges the high rates but remains hopeful about the income prospects due to the temple construction.
Moreover, the government is actively involved in fostering tourism in Ayodhya, planning to construct a 4.40-acre Tourism Facilitation Center at an estimated cost of ₹130 crore. This ambitious project includes the development of various commercial centers, such as a tourism office, passenger accommodation, art and craft center, food court, shopping mart, and parking space. The project is expected to commence shortly, further boosting the city’s appeal to tourists.
Adding to Ayodhya’s transformation is the construction of an international airport, slated for completion by the end of the month, according to Union Aviation Minister Jyotiraditya Scindia. The airport is poised to enhance connectivity and facilitate increased tourist arrivals, contributing to the overall economic growth of the region.
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