Ayodhya: Since Amitabh Bachchan has bought land, ought you to do the same?

Ayodhya: Since Amitabh Bachchan has bought land, ought you to do the same?

Ayodhya: Since Amitabh Bachchan has bought land, ought you to do the same?

Ayodhya Ram Temple: Despite conflicting reports from brokers and developers on the recent spike in property values, the city's real estate sector is already well-established, and Ayodhya has a certain allure. One example is the development of a 1,2000-acre city with an international airport, which would cost Rs 2,200 crore.

Ayodhya Ram Mandir Update: At a cost of $10 billion, the grand dedicating of the Ram temple will turn the little city into a popular tourist destination, tripling hotel capacity and bringing in companies in the hospitality, culinary, travel, and transportation sectors. Will finish. Global trading company Jefferies said in a statement that its clientele includes VishaCaptive.

The news of Aramandir city's real estate boom began to surface on January 23, the same day that the Ram temple in Ayodhya opened to the public. In Ayodhya, the number of properties registered has surged, and the cost per square foot has increased significantly.

After the Supreme Court's (SC) ruling in 2019, real estate values began to climb again, having begun to do so in 2017.

Data from the Ayodhya district's Stamp and Registration Department shows that between 2017 and 2022, there was a 120 percent rise in property registrations.

According to brokers, some of the locations seeing rapid growth include Devkali, Chaudah Kosi Parikrama, Ring Road, Nayaghat, and the vicinity of the Lucknow-Gorakhpur highway. He claims that the finest places to invest in Ayodhya are those that are between 6 and 20 miles from the temple.

ruling by the Supreme Court and following

In 2017, 13,542 properties were registered in Ayodhya prior to the ruling by the Supreme Court. In 2022, this will rise to 29,889. "Data on property registrations for 2023 is presently being assembled." They will probably surpass 35,000, according to an official who asked to remain anonymous.

"Demand is rising from both outside Ayodhya investors and locals alike. Right after the ruling in 2019, property values in the city are predicted to rise by around 25–30%," said Anuj Puri, head of ANAROCK Group.

Land prices on the periphery (on Faizabad Road) have gone up to around Rs 400–700 per sq ft in 2019 after the Supreme Court's ruling. The average cost per square foot inside the municipal borders at this time ranged from Rs 1,000 to Rs 2,000. On the outskirts of Ayodhya, typical land prices have risen to between Rs 1,500 and Rs 3,000 per sq ft by October 2023. The average cost per square foot for regions within the city boundaries would be between Rs 4,000 and Rs 6,000. The average price has thus increased significantly between 2019 and 2023. stated Puri.

The House of Abhinandan Lodha (HoABL), a Mumbai-based developer, sold Bollywood icon Amitabh Bachchan, 81, a plot in The Saryu, a seven-star mixed-use community in Ayodhya, around two weeks ago.

Bachchan paid almost Rs 14 crore for a 10,000-square-foot site. On January 22, HOABL also unveiled a development proposal that included a 25-acre property in Ayodhya. Plots of 1,250 square feet are being auctioned for Rs 1.72 crore in the first phase.

Property values in Ayodhya have risen five to eight times since the building of the Ram temple began in August 2020, according to local real estate dealer Rajiv Gupta. The size, location, and closeness to the temple all affect the land and property prices.

The cost of a property near the temple area varies from Rs 10,000 to Rs 15,000 per square foot. Property between 6 to 15 miles of the temple location is priced between Rs 4,000 and Rs 9,000 per square foot. In the next year, prices are probably going to rise much more," Gupta told Moneycontrol.

According to him, locals can no longer afford the property prices in some areas of Ayodhya due to the influx of foreign real estate investors from places like Mumbai, the National Capital Region, and other districts.

Anuj Puri, chairman of ANAROCK Group, said that "demand is increasing not only from locals but also among investors outside Ayodhya."

Is it wise to invest?

Gitanjali Homestate's founder, Sunil Sisodia, said that Ayodhya would be a desirable place to invest.

Prices for land and real estate have increased due to the city's advantageous position and impending massive developments like the international airport. With an anticipated ROI (return on investment) of at least 8–10 percent in the next years, recent patterns point to further appreciation. This pattern, together with the impending expansion of well-known developers and hotel chains, makes Ayodhya an attractive destination for investments, according to Sisodia.

Chairman of the National Real Estate Development Council (NAREDCO), G Hari Babu, said that the narrative of Ayodhya advances with optimism and promise with the opening of the temple, since it is not just about the temple but also about constructive transformation. Progress and opportunity in the town of the temple.

There are plans to build a 1,200-acre municipality

With the implementation of the Master Plan 2031, Ayodhya is preparing for a significant transformation that would cost Rs 85,000 crore over ten years. Beyond the confines of the temple district, the strategy is centered on improving the city for everyone. The proposal calls for the creation of a new 1,200-acre township, an undertaking valued at Rs 2,200 crore that demonstrates Ayodhya's dedication to modernization. With the help of this new construction, Ayodhya will have first-rate facilities, turning it into a model city. Is feasible," Babu informed Moneycontrol.

At a cost of $10 billion, the grand opening of Shri Ram Mandir will turn the sleepy town into a major destination for tourism. It will also double hotel capacity and boost the travel, culinary, hospitality, and transportation industries to cater to the high number of visitors. will be drawn, according to a report from international trading house Jefferies.

Top franchises will be drawn to the little community. According to a note from Jefferies, this will be the location of hotel companies like Indian Hotels, ITC, Marriott, and Oyo; food franchises like Sa and Devyani International; and airlines like IndiGo, Tata Group's Air India, SpiceJet, and others.

An estimated 50 million visitors are expected to visit the sacred site annually, according to Jefferies, which also said that "religious and pilgrimage sites like Ayodhya, Golden Temple, Vaishno Devi, etc. offer significant markets that are captive that offer strategic first-mover advantage."

The brokerage company predicts that both local and foreign pilgrims and visitors would grow, which will benefit hotels and hospitality businesses. The paper predicted that new hotels and other economic activity will have a compounding impact from this boom.

The note states that there are now 17 hotels in Ayodhya with a total of 590 rooms. On the other hand, 40 of the 73 new hotels that are planned are now being built.

Developers' admission

Both big and small real estate developers are considering how they might make an investment in Ayodhya and profit from the opening of the Ram temple.

The Uttar Pradesh-based Lohia Developers intends to enter the Ayodhya real estate market.

According to Piyush Lohia, director of Lohia Developers (India) Pvt Ltd, land values have increased significantly over the last several years—by four to ten times.

He said that a combination of reasons, including the dearth of structured real estate and the attractiveness of Ayodhya's tourism, seem to be responsible for the spike. Notable is the remarkable expansion of the tourist industry, which saw an 85-fold rise in visitors between 2021 and 2022.

"As Lohia World Spaces carefully positions itself within this ever-changing environment, we are acutely aware of the tremendous potential for profitable returns inside the quickly expanding Ayodhya real estate market. We are prepared to benefit from this extraordinary upsurge. Ayodhya stands out as one of Lohia World Space's ideal sites to go off on a transformative journey, even if we are beginning our imprint in Moradabad," Lohia said.

The city's significance to culture and religion gives its real estate market a distinct edge. Both pilgrims and visitors are drawn to Ayodhya, which increases demand for lodging and real estate. According to Shivang Suraj, founder and head of the real estate consultant Inframantra, "this dual appeal, rooted in both history as well as spirituality, creates a diverse as well as sustainable market the fact that positions Ayodhya as an investment destination."