Ram Mandir Inauguration: With only a few days left for the inauguration of Ram Mandir in Ayodhya, the city is witnessing huge interest among real estate investors, hotel players and even senior citizens.
Those who want to invest in property in a religious place. The date of consecration ceremony of Ram temple of Ayodhya has been fixed as 22 January 2024. Real estate brokers say many investors from across the country and even from abroad are looking for a limited number of plots. Land prices have skyrocketed. In many places, prices are now four to 10 times higher than just four to five years ago.
Brokers said the real estate boom has attracted investors from across the country. These mostly include senior citizens or Indians living abroad, who want to buy their second house or property in Ayodhya.
According to Hindustan Times, ANAROCK Group Chairman Anuj Puri said, “Since the announcement of the much-awaited decision by the Supreme Court in 2019, the demand for real estate in Ayodhya has increased significantly. Not only from the local people but also from outside the city including businessmen. The demand from investors is also increasing.”
Legal experts say that potential buyers should scrutinize the title and ownership documents of the property in Ayodhya very thoroughly to ensure that there are no disputes or legal issues over the land or property.
Property prices
Property prices in the city were estimated to have increased by about 25-30% in 2019 immediately after the decision. ANAROCK research indicates that after the decision in 2019, land prices on the outskirts (on Faizabad Road) had increased by about ₹400-700 per sq ft. Average prices within the city limits during this period remained between ₹1,000-2,000 per square foot.
However, as of today (October 2023), the average land prices on the outskirts of Ayodhya have reached anywhere between ₹1,500 per square foot and ₹3,000 per square foot.
As far as areas within the city limits are concerned, average prices have increased to anywhere between ₹4,000 and ₹6,000 per square foot. Thus, there is a significant jump in average prices between 2019 and 2023.
Keep these things in mind before buying property in Ayodhya
Potential home buyers will first have to find out whether the property is for any use, i.e. agricultural land or residential land. You should also check local zoning laws and regulations. Considering the historical and religious importance of Ayodhya, there may be some restrictions on construction or development activities in some specific areas, this also has to be kept in mind.
“Therefore, one must be very diligent in knowing the rules governing the property, including usage, construction and development norms and restrictions,” Mona Dewan, managing associate at full-service corporate commercial law firm ZEUS Law Associates, said in the report.
Infrastructure facility
It is important to check the condition of infrastructure in the area where you want to invest. Before entering into a property purchase deal, it is important to check the availability and adequacy of basic utilities such as water supply, electricity and sewage systems and also assess whether the existing infrastructure meets your needs.
He said also check the accessibility and proximity of the property to major roads, highways and public transportation hubs, as good connectivity increases property value and improves business prospects.
Future development plans
A detailed examination of the city master plan is also necessary to understand any infrastructure/proposed development projects or changes in the existing planning and development norms.
Additionally, prospective buyers should be aware of any proposed changes to local regulations that may impact your property and thereby impact property value, he adds.
