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Business News/ News / India/  Ram Mandir construction in Ayodhya sends real estate prices soaring: ‘One biswa land is worth Rs….’
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Ram Mandir construction in Ayodhya sends real estate prices soaring: ‘One biswa land is worth Rs….’

The infrastructure development in Ayodhya is pushing up property prices with many hotels and residential projects expected in the town after the inauguration of Ram Mandir

Ram temple in Ayodhya in nearing completion. (Sourced) (HT_PRINT)Premium
Ram temple in Ayodhya in nearing completion. (Sourced) (HT_PRINT)

As the date of the inauguration of Ram Mandir in Ayodhya inches closer, real estate prices are skyrocketing in the town. As per a report in Hindustan Times, the infrastructure development in Ayodhya is pushing up property prices with many hotels and residential projects expected in the town after the inauguration of Ram Mandir. The report mentioned that in some cases the prices have even expanded 4 to 10 times compared to the five-year-ago period.

Ayodhya is also getting Uttar Pradesh's 5th international airport after Lucknow, Varanasi, Noida (under construction) and Kushinagar. The airport will connect the town with various parts of the world, making it an enticing option for the developers who are seeing huge potential due to the religious significance of the place.

The town is expected to witness the development of numerous townships and privately owned hotels, with the government having approved the designated land. "Almost 95% of land has been acquired. This will be located along the Lucknow-Gorakhpur highway," Satyendra Singh, secretary, of Ayodhya Development Authority, told Hindustan Times Digital.

Ayodhya collected the highest land-registration revenue in UP

The real estate buzz in Ayodhya grew after Prime Minister Narendra Modi laid the foundation stone of Ram Mandir in August 2020. Since the construction of Ram Mandir began, Uttar Pradesh pushed in a lot of infrastructure development in the town, making it an attractive place for investors. Some reports claim that Ayodhya has secured the highest position in Uttar Pradesh for revenue collection in November, specifically in the context of income generated from land registration.

The Hindustan Times report quotes a broker named Parasuram Mishra who informs that the prices of property within around 5-10 KM radius of the Ram Mandir shot up exponentially and now range between 2,000 per sq ft to as high as 18,000 per sq ft. “Land prices have hit the roof making it unaffordable in some pockets," he said.

The broker also gave an example that one biswa of land, which is roughly 1,350 sq ft, was earlier available for a few lakh rupees but the price is now touching 60 lakh.

 

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Published: 12 Dec 2023, 09:05 PM IST
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