Ram Mandir will Boost the Real Estate Market in Ayodhya

By : Silky Malhotra

05 January, 2024

The development of the Ram Mandir in Ayodhya is likely to elevate the real estate market in the city. The temple is already under construction, and the property market in the city has picked up pace. In this post, you will get to know why the development of Ram Mandir is a good news for the real estate market in Ayodhya. Besides, we have come up with valuable insights on property trends and investment benefits in this area.

The Ayodhya Development Authority (ADA) has planned to come up with a Housing Scheme in Ayodhya that already taken shape in the end of 2023. With the date of inauguration of the Ram Mandir approaching fast, this scheme is likely to further boost Ayodhya real estate. No wonder, property prices in Ayodhya are escalating, and real estate cost is expected to further rise. Investing in such properties would be a good decision since you can benefit from property value appreciation in the coming years. Compared to the real estate prices 4-5 years ago, the current prices are high.

Besides this scheme for the government, the property market has witnessed increasing interest from developers. One of the prominent developers from Mumbai will be investing INR 1200 crore in the city. They will be working on a plotted development spanning 25 acres close to the international airport at Ayodhya.

Should You Buy a Property in Ayodhya?

As an investor expecting decent returns from property in Ayodhya, you might consider purchasing these properties now. The return potential of these properties looks impressive. Particularly, if you are looking forward to purchasing these properties for commercial purposes, the returns would be consistent. Putting the property on rent or simply selling off the property after the asset value appreciates will be a great decision. Considering the booming real estate market in the city, many investors are already looking for top projects to channel their funds. The growth potential in the Ayodhya-Faizabad region looks impressive.

The commercial real estate market in Ayodhya is also undergoing significant development. Investors willing to explore the real estate market in Ayodhya enjoy a great opportunity here. Investors are optimistic about the growth in the commercial real estate sector. With better infrastructure and connectivity, the real estate market in Ayodhya is set to ride the growth trajectory.

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An Overview of the Ayodhya City

Ayodhya, the birth place of Lord Rama, is located in Uttar Pradesh beside the River Saryu. Known as ‘Saketa’ in history, t is famous for its Ram Mandir. The property rate in Ayodhya near Ram Mandir is already escalating, and there’s a lot of potential in the market. For the Hindus, Ayodhya is one of the most-visited sites of pilgrimage.

This place is located close to the city of Faizabad. Naturally, this region is also benefitting from the boom in the real estate market. It was back in August 2020 that the construction of the Ram Mandir started in full swing.

The ADA (Ayodhya Development Authority) has been entrusted with the responsibility of managing the city of Ayodhya. The district administration will be coming up with a modern sub-city close to Ayodhya, which would be known as “Navya Ayodhya”. This will be spanning around 500 acres. The Gorakhpur Faizabad Highway passes close to this new city. The township will be integrated with sophisticated modern amenities like lounges, rest areas, apartment complexes, and luxury hotels. When the construction of the Ram Mandir is over, this township will house pilgrims from all over the world. This explains why Ayodhya real estate will be benefitting from the development of the Ram Mandir.

Infrastructure Development Boosting Real Estate Market in Ayodhya

The infrastructure in Ayodhya is being developed by the authorities to handle the massive volume of pilgrims who will be visiting the city once the development of Ram Mandir is completed. The Saryu Riverfront development program is being executed to enhance the civic facilities and social infrastructure in the region. Thus, visitors can enjoy modern amenities like washrooms, curated parks, shopping zones, sitting areas, and recreational facilities. Besides, the civic infrastructure in Ayodhya has also got a boost. This development is visible in the state of roads, electricity, sewage networks, and water supply. For pilgrims or devotees, rest houses will also be available in the city. Naturally, investors are keen to purchase property in Ayodhya. They can benefit from the growing real estate market in the city.

The Faizabad region is also enjoying a slice of this benefit since it is located close to Ayodhya. Investors are keen to put their funds in private hotels, dormitories, and rest houses. Both residential and commercial property in Ayodhya looks alluring for developers.

Top Infrastructure Development Projects in Ayodhya

Now, let’s take a look at the top infrastructure projects that have been driving the real estate market in Ayodhya.

The government of Uttar Pradesh has allocated more than INR 133 crore for the inauguration program of the Ram Temple in Ayodhya. This fund is being used for the development of infrastructure in the city. This includes the development of roads, basic infrastructure, street lights, sanitation, etc.

In terms of connectivity, the government of Uttar Pradesh is coming up with connecting roads to the city of Ayodhya. For instance, the Ayodhya Airport is being developed, which will enhance the overall connectivity to the city. Notably, this will be the fifth international airport to be launched in the state.

A Revitalization process of the Ayodhya City is also underway, thanks to the ADA. Religious paintings and mural art are being carved across the city on the walls. This development is taking place at a rapid pace. As a result, property rates in Ayodhya near Ram Mandir have significantly increased in recent months. A recent report reveals that property prices in this area have risen by four to ten times, compared to the rates around five years ago.

With the date of the inauguration of the Ram Mandir approaching, the property market is also picking up pace. Developers are keen to work on integrated townships in this city.In near future, different residential societies and privately owned hotels will be developed near Ram Mandir. The government of Uttar Pradesh has specified land parcels for this purpose along the highway connecting Lucknow and Gorakhpur.

The consistent support for infrastructure development from the government has boosted the collection of revenue from land registration. This has turned Ayodhya into one of the top cities in terms of revenue generation from the registration of land in the recent past.

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Ayodhya Airport

The real estate market in Ayodhya has got a boost with the development of the new airport in Ayodhya. This has led to a surge in the prices of real estate in the city. The airport spans more than 6,250 Sq.Mt. and operations were likely to start by October 2023.

This airport has been developed just 8 Km. from Ram Mandir. While the full name of this project is Maryada Purushottam Shri Ram International Airport, it will be renamed Maharshi Valmiki International Airport. The annual capacity of this airport is 10 lakh, which is quite appreciable considering the sizable number of devotees who would be commuting to the area.

Ayodhya Railway Station

The railway station in Ayodhya will be renamed as Ayodhya Dham. The city has a well-connected network of railways in addition to the airport. There are two main railway stations in the city, including Ayodhya Junction and Ayodhya Cantonment. The Ayodhya Junction Railway Station is being expanded as the inauguration of the Ram Mandir approaches. Tourists and devotees from all over the country will be able to commute to the temple through the well-connected transit system. This enhanced infrastructure is one of the reasons for the high demand for property in Ayodhya.

Impact of Ram Mandir Development on the Real Estate Market in Ayodhya

With the Ram Mandir under construction in full swing, Ayodhya real estate is likely to get a boost. Pilgrims from different parts of the world will be visiting Ayodhya when the construction is over and the temple is opened up. This will boost tourism activities in the area significantly.

After the commencement of the Ram Mandir construction, tourism activity has doubled in the city. Previously, the rate of property appreciation in Ayodhya used to be just 1% to 2% annually. Now that the construction of Ram Mandir has started, the growth of the industry has been around 6% to 10%.

As a well-connected city, Ayodhya holds tremendous growth potential in the coming years. Besides, it has a great connectivity to other places in India. NH-27 passes close to Ayodhya and Faizabad.

Property Prices in Ayodhya

Property rate in Ayodhya near Ram Mandir have been consistently on the rise. Here’s a table showing the real estate rates in Ayodhya.

Category

Area Range

Price Range

Average Prices

Residential Plots

1000 Sq.Ft. - 100000 Sq.Ft.

INR 10 lakh – INR 11 crore

INR 2500 per Sq.Ft.

Residential Houses

700 Sq.Ft. Sq.Ft. – 1800 Sq.Ft.

INR 65 lakh – INR 5.50 crore

INR 5500 per Sq.Ft.

 

Some of the localities near Ayodhya where the real estate industry has picked up pace include Faizabad Road and Deokali. Both residential and commercial real estate sectors are witnessing a phenomenal growth. Based on the type of property and distance from Ram Temple, the cost of properties in Ayodhya will be escallating.

The cost of rental property in areas like Ayodhya or Faizabad is around INR 5000 to INR 10000. Here, most people look out for 2 BHK homes. Some of the localities around this zone are experiencing high activities in real estate. These include:

•  Gorakhpur Faizabad Highway

•  Gayatri Puram

•  Deokali

•  Angoori Bagh

•  Subhash Nagar

•  Khurdabad

•  Awas Vikas Colony

•  Sahebganj

•  Ambedkar Nagar

•  Wazeerganj

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Features of Ram Mandir in Ayodhya

It was in August 2020 that the construction of this temple started. L&T is carrying out this construction, and most importantly, they aren’t charging any fee for this project. For project management, Tata Consulting Engineers have been entrusted with the responsibility.

Some of the other organizations involved in the construction of the Ram Mandir include CBRI (Central Building Research Institute), IIT (Indian Institute of Technology), and the National Geophysical Research Institute. As per reports, no repairs will be required for the temple in thousands of years.

Apart from the main temple for Lord Ram, other temples are also being developed in the complex for Ganesha, Hanuman, Surya, Durga, Shiva, and Annapurna.

Have a look at some of the interesting aspects about the Ram Temple.

•  The renowned architect, Chandrakant Sompura, is the chief architect of the Ram Temple

•  The Gujara-Chalukya style of architecture will be used while constructing the temple

•  The temple will be 161 feet high, 235 feet wide, and 360 feet long.

•  A raised platform has been built on which the structure will be constructed

•  There will be three storeys in the structure of the Ram Temple

•  As much as 600 thousand cubic feet of mountain stones from Rajasthan will be transported to construct the temple

•  The temples are being constructed by blending both modern and traditional techniques

•  In this construction, iron will not be used

Conclusion

There’s no doubt that the Ram Mandir is a long-awaited project and the government is very ambitious about it. Since it is a major site for pilgrims, it will attract pilgrims from India and abroad. Thanks to the development of infrastructure, roadways, airports, and other facilities, the real estate industry in Ayodhya will enjoy a boom. Investing in Ayodhya real estate will be a wise decision, since the property rates in Ayodhya near Ram Mandir will be increasing sharply in the coming months.

FAQ

Yes, there are two railway stations in this region. These are Ayodhya Cantonment and Ayodhya Junction Railway Stations.

NH-27 passes close to Ayodhya, connecting the city to other places in India.

The new name of Ayodhya Junction Railway Station is Ayodhya Dham.

Yes, the Ayodhya real estate market is booming, and buying a property in Ayodhya will be a wise decision. Investors can expect decent returns from these properties in the coming years.