Ram Mandir event: 3 things to remember if you want to buy property in Ayodhya
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With a few days left for the Ram Mandir’s inauguration in Ayodhya, the town is witnessing huge interest among real estate investors, hotel players and even senior citizens who wish to invest in property in the religious destination.
The date for the consecration ceremony of Ayodhya’s Ram Temple has been scheduled for January 22, 2024.
Real estate brokers say that with several investors from across the country and even overseas chasing a limited number of land parcels, land prices have hit the roof—in some cases four to 10 times the prices prevalent only four to five years ago. The real estate boom has attracted investors from across the country, including senior citizens wanting to invest in second homes and non-resident Indians as well, said brokers.
“Real estate demand in Ayodhya has risen significantly ever since the much-awaited verdict was announced by the Supreme Court back in 2019. There is a growing demand by not just locals but investors from outside the city including businessmen,” said Anuj Puri, Chairman – ANAROCK Group.
Legal experts say that prospective buyers should verify the authenticity of the title and ownership documents of the property in Ayodhya to ensure there are no disputes or legal issues regarding its title.
Property prices
Property prices in the city were estimated to have shot up by nearly 25-30% in 2019 immediately after the verdict. ANAROCK research indicates that in 2019 post the verdict, land prices had risen to nearly ₹400-700 per sq. ft. in the outskirts (at Faizabad Road). Within the city-limits average prices stood between ₹1,000 – 2,000 per sq. ft. during this time.
However, as on date (October 2023), the average land prices in the outskirts of Ayodhya have jumped up to anywhere between ₹1,500 per sq. ft. and ₹3,000 per sq. ft. As for areas within city limits, average prices have shot up to be anywhere between ₹4,000 and ₹6,000 per sq. ft. Thus, there has been a significant jump in average prices between 2019 and 2023.
Also Read: Real estate prices head north in Ayodhya ahead of Ram Mandir inauguration
Interested in buying property in Ayodhya? Here’s what you need to know
Prospective homebuyers should check the local zoning laws and regulations governing land use in order to confirm the permitted use of the subject property. Also, in view of the historical and religious importance of Ayodhya, there may be certain restrictions on…
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