Is it the right time to invest in real estate in Ayodhya? With the Ram Mandir’s consecration ceremony around the corner, the Uttar Pradesh city is seeing a real estate boom. The prices of land in and around Ayodhya have skyrocketed — in some cases, five to 10 times the prices prevalent four to five years ago — according to several real estate players. And it is just the beginning. Once the Ram Mandir opens for visitors, there is likely to be a surge in the number of tourists to the holy city. Several townships and private hotels are expected to come up in the city in the next few years. “Major physical and economic infrastructure development initiatives are underway in and around Ayodhya,” says Vimal Nadar, Senior Director, Research, Colliers India. “The airport here has started functioning — and is set to be an international one. It complements several developments, including road, hotels and hospitals, to make Ayodhya a preferred religious tourism destination.”
With the Ram Mandir, Ayodhya will see a major economic transformation. There will be ample business avenues in the form of lodging and boarding, parks, and ancillary services related to tourism. “This metamorphosis of the city will thus have a significant bearing in unlocking value potential across the real estate value chain, including housing, commercial and retail,” says Nadar.
Ram Mandir inauguration in Ayodhya: Real estate boom”
“Ayodhya’s historical significance and tourist potential make it an attractive investment. With the temple fully operational and attracting more visitors, residential and commercial properties will increase in demand,” says Niranjan Hiranandani, MD, Hiranandani Group.
“Investors seeking to capitalise on this burgeoning market can explore both commercial and residential projects, as both sectors exhibit high potential for price appreciation in the foreseeable future. Return potential on residential investments look impressive,” says Ravi Nirwal, Sales Director and Principal Partner, Square Yards.
There is a heightened interest among investors for land, plots and flats, says Pritam Chivukula, Co-Founder & Director of Tridhaatu Realty. This demand is coming from domestic and non-resident Indian investors, leading to a significant surge in property prices.
Ayodhya real estate: How much returns can you expect?
If you are planning to invest in real estate in Ayodhya now, how much return can you expect? Nirwal says, “Property prices in Ayodhya have risen by five to 10 times ever since the Ram Mandir broke ground. Based on the type of property and proximity to the temple, the price of land and properties have escalated, with rates fluctuating between Rs 2,000 per square foot to almost Rs 20,000 per square foot within 5-10 km of the temple site ..
source : economictimes