Property Prices Saors in Ayodhya upon ‘’Ram Mandir Pran Pratishtha’’
Ayodhya Ram Mandir History.
The construction of the Shri Ram Mandir ayodhya is a highly contentious issue between the Hindus and the Muslims of India. The left-wing community has been opposed to the way this issue has been provoking tension between these two religious communities. However, the right-wing community have been very emphatic in their demand to construct the Ram Mandir on the disputed site of Ayodhya.
The demolition of Babri masjid took place in 1992, but no conclusion could be reached by either side. The matter was referred to Allahabad High Court, then the Supreme Court, and after decades of court hearings, the Supreme Court decided to hear the matter once and for all in 2019. The 5-member bench of the Supreme Court, including the current Chief Justice D Y Chandrachud gave a judgment in favour of the Hindus and allotted the entire 5 acres of land for the construction of the Ram Mandir at Ayodhya. The Supreme Court of India declared the 1992 BabriMasjid demolition an illegal act and ordered the authorities to provide the land for the construction.
What is happening in Ayodhya right now?
On the occasion of the inauguration of Ram Mandir, property prices in the holy city soared. Pran Prathishtha is a religious practice that involves placing life into the idol of Lord Rama so that the devotees can pray and put their faith in the temple. The government of India and Uttar Pradesh has invested heavily in the construction of infrastructure to cater to the huge number of people visiting the holy city. The state government has inaugurated the world-class new international airport in the holy city, which has the capacity to accommodate 1.2 crore passengers annually. The hotel in Ayodhya railway near station has been renovated to accommodate the huge number of train passengers coming to the holy city. Other projects are in the process of being completed, such as the new expressway, a waterway, and the widening of the connecting roads on four sides of the Ram mandir site. However, all of this euphoria has come at the cost of the immediate displacement of people.
The Ayodhya Development Authority (ADA) is planning a new housing project to construct a large-scale residential project on 80 acres of land in the City of Ayodhya. It is yet to be ascertained whether this project will be for the rehabilitation of the families whose houses were grounded to make way for the roads leading to the shrine of Shri Ram in Ayodhya or for other purposes.
It is estimated that around 45 lakh tourists will visit the City every month.
People living in the vicinity of Ayodhya are eager to take advantage of this great opportunity and are looking for various business opportunities in the Ayodhya tourism sector.
The End of Ayodhya Real Estate Boom, From Ram Mandir’s Opening to Inauguration.
There has been a long-standing relationship between two communities over this issue for many decades. India is 80% Hindu, and with the dream of Ram Mandir being finally realized, the excitement is bound to grow. This will create an opportunity for the tourism industry to grow in the new religious city of ‘Ayodhya’.
The central government and the state government of Uttar Pradesh have been focusing on the redevelopment of Ayodhya’s transport facilities, whether it be air, rail or road. The city will now become famous for its huge and beautiful Ram Mandir. As more and more tourists arrive, there will be a need for more hotels. For this reason, ‘OYO’ decided to maintain 1000 new rentals in ‘Ayodhya’ city. Leading luxury hotel in ayodhya, Taj Hotels, and ‘The Leela Palace’ have also decided to invest in the city and add their own luxury hotel chains to their portfolio.
In recent times, there have been several reports of actor and real estate magnate, Amitabh bachchan, who has expressed his interest in owning an Ayodhya property. This will help to attract the attention of the real estate industry.
Here are the latest developments in the Ayodhya property market in the last couple of years.
Ayodhya, the birthplace of Lord Ram, is expected to experience a surge in investment over the next decade, with property prices in the city likely to increase by 12-20 times. Taj Hotels, the largest luxury hospitality brand in India, is set to open a luxurious hotel near the Ram Mandir Temple, while Leela Palaces Hotels and Resorts are also planning to open a hotel. With the inauguration of the Ram Mandir, Ayodhya has the potential to become a major tourist destination, attracting visitors from all over the world. This will open up a wealth of opportunities for the real estate sector, with potential for both residential and commercial projects.
Within 5-15 km of the newly opened Ram Mandir, there are a number of potential areas to invest in, such as the Chadah Kosi Parisham, the Ring Road, the Deokali area, and the Nayaghat area. The nearby towns of Gorakhpur and Faizabad are also attractive for land parcels. Experts in the real estate sector believe that investing anywhere within 5-10 km of the Ram Mandir Temple is a great opportunity for investors, as property prices have increased 5-10 times since the construction of the temple began on the site following the Supreme Court’s judgment in 2019. Current market trends suggest that Ayodhya City property prices range from Rs 2,000-20,000 sq ft depending on the location.