After the consecration ceremony of Ayodhya Ram Mandir , Average property rates in the town hiked by 179 percent in the last three months, according to Magicbricks which is an online real estate portal.
Land prices which rated in the range of Rs 1,000 to 2,000 per sqft 5 years ago in 2019, are now at Rs 4,000 to 6,000 per sqft, according to ANAROCK group which is a real estate consultancy.
Escalating prices of properties in Ayodhya…..
Except from properties in the city , most of the investments in property is being done in land which included Faizabad Road, Deokali, Chaudah Kosi Parikrama, Ring Road, Nayaghat, and areas along the Lucknow-Gorakhpur highway as per the local brokers.These areas have developed certain interest in developers due to its nearness from the Ram Mandir , which are located within 6-20 km radius of the same.
What does Ayodhya’s property registration data says…
As per the data from the Stamp and Registration Department of Ayodhya district, property registrations rose 120 percent between 2017 and 2022.
Long before supreme court’s decision for the same in 2019 , as many as 13,542 properties were registered in Ayodhya. This went up to 29,889 in 2022, according to the government data in 2017.
“There has been no change in circle rates in the city in the last 5-6 years but the market rate is very high, thereby creating a gap between the prices.” ,said Amit Singh, a local real estate . “In some pockets of the city, the prices are now unaffordable, especially for locals,” he added.
The spike in property prices has been the highest in the last six months because of the opening of the Ram Mandir and infrastructural development in the city. To cash in on the opportunity, many buyers from other districts and regions across the country have purchased properties here at higher rates, which has changed the real estate market dynamic,” Singh added.
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