The inauguration of the mighty Ram mandir has been announced on the day of 22nd January 2024. In the backdrop of this major news, the Ayodhya Development Authority(ADA) is planning to launch a Housing Scheme near the House of Prabhu Shree Ram. This Real Estate News has shaken the market and will provide a boom to Ayodhya Real Estate.
Ayodhya, which was once a small town with a controversial land issue, has gained again the pomp and show from the Treta Yuga. The Temple is ready for the inauguration and this has driven a massive demand in the real estate developers who wanyt to cash in the opportunity. The land prices are already touching skies, as investors all over the country and abroad are fighting for a limited number of parcels. Some cases report a 10 times price hike from 5 years ago. This is a big happening in the Indian Real Estate News.
The airport at Ayodhya, The fifth international Airport of UP after, Lucknow, Varanasi, Kushinagar and NOIDA will be inaugurated soon. The initial phase of the airport terminal in Ayodhya covers an area of 8000 sq meters. Currently, the whole airport, spread over 336.59 acres, is under development with a budget of ₹250 crore.
Not only housing societies and townships but a lot of premium private are going to spang the city of Ayodhya as the land for them has already been sanctioned. The land parcels, situated near Chaudah Kosi Parikrama, Ring Road, and the Lucknow-Gorakhpur Highway, are prime locations for houses in Ayodhya. The Ayodhya Development Authority is set to introduce a housing scheme soon, marking a significant development in Indian real estate. This plotted scheme will span across 80 acres of land, offering a promising opportunity for those seeking a home in Ayodhya.
In recent Indian real estate news, nearly 95 percent of the land along the Lucknow-Gorakhpur highway has been acquired for development, according to Satyendra Singh, secretary of the Ayodhya Development Authority. This development comes as Ayodhya prepares for the Ram Temple consecration ceremony, set for January 22, 2024, three years after Prime Minister Narendra Modi laid the foundation stone. Following this event, real estate prices in Ayodhya have surged due to significant infrastructure development, making it a hotspot in the real estate market.
Ayodhya’s property market has seen a boom in land transactions, with 30,000 sale deeds registered between April and November this year, 80 percent of which involved land. The House of Abhinandan Lodha (HOABL), a Mumbai-based developer, plans a 25-acre plotted development project near the upcoming temple.
Real estate prices in Ayodhya have skyrocketed, particularly near the temple, attracting investors nationwide, including non-resident Indians. Land prices have soared from ₹2000 to ₹18,000 per sq ft, with commercial plots starting at around ₹4000 per sq ft. This price increase is linked to the 2019 Supreme Court judgment allowing the temple’s construction.
Developers are poised to launch new projects after the temple’s inauguration, with many waiting to gauge the visitor footfall. The Confederation of Real Estate Developers’ Association of India (Credai) anticipates diverse developments, including hotels, senior living, and service apartments, depending on post-inauguration demand.
The upcoming temple inauguration is expected to draw lakhs of visitors, leading developers to invest in various projects, anticipating a population increase in Ayodhya. The city is emerging as an attractive market for second homes and retirement properties, with potential buyers including retirees and NRIs seeking to spend time in Lord Ram’s birthplace. Ayodhya’s growth parallels other holy cities like Haridwar-Rishikesh, Puri, Madurai, and Rameswaram, where developers have launched similar projects.