Ayodhya Ram Mandir | Rising online home searches, average property rates up 179% in 3 months: MagicBricks
By Bricksnwall | 2024-01-25
in Ayodhya: A real estate consultancy claims that land rates, which in 2019
varied from Rs 1,000 to Rs 2,000 per sqft, are currently between Rs 4,000 and
Rs 6,000 per sqft.
Magicbricks, an online real estate platform, average property rates in Ayodhya,
where the Ram Mandir was opened to the public on January 23, have increased by
179% in the last three months.
sent a statement to Moneycontrol stating, "As per Magicbricks Research,
the average prices in Ayodhya have increased from Rs 3,174 per sq ft in October
2023 to Rs 8,877 per sq ft in January 2024."
Magicbricks, searches for residential properties in Ayodhya have increased 6.25
has witnessed a staggering 6.25x increase in searches for residential
properties in Ayodhya during the same three-month period, demonstrating
significant interest from potential property buyers and rising residential
demand in the city, the statement continued.
Amit Singh, a local real estate dealer from Ayodhya, the market rate is
extremely high, which causes a discrepancy in prices, yet circle rates have not
changed in the city in the previous five to six years. "Prices in some
areas of the city are now unaffordable, particularly for residents," he
city's infrastructural development and the Ram Mandir's opening have driven
up property values, which hasn't happened in the last six months." The
property industry has altered as a result of several buyers from other areas
and districts of the nation taking advantage of the chance and paying greater
prices for properties here, Singh continued.
In what locations are investments being made?
Real estate investments are made in land, and in addition to properties
located in cities, there is significant demand for real estate in a number of
locations, including Faizabad Road, Deokali, Chaudah Kosi Parikrama, Ring Road,
Nayaghat, and places near the Lucknow-Gorakhpur highway, according to local
that because these places are situated between 6 and 20 kilometers from the Ram
Mandir, investors are interested in investing in them.
the Ayodhya district's Stamp and Registration Department shows that between
2017 and 2022, property registrations increased by 120%.
properties were registered in Ayodhya in 2017, a year before the Supreme
Court's decision in 2019. Government statistics shows that in 2022, this
increased to 29,889.
which in 2019 varied from Rs 1,000 to 2,000 per sqft, are currently at Rs 4,000
to 6,000 per sqft, according to real estate consultancy ANAROCK Group.
Source: Money Control