Ayodhya, August 5
With permanent abode for Lord Rama in Ayodhya, more people are eyeing to get a roof in the holy city.
The mega Lord Rama temple project, for which Prime Minister Narendra Modi today performed the bhoomipujan, had acted as a catalyst, spurring demand for property in and around underdeveloped Ayodhya. In the midst of the economic slowdown, which has manifested itself in a slump in the real estate sector, property prices in Ayodhya are booming.
The trend started a few months ago as local property dealers witnessed a spurt in inquiries, mostly from metro cities and prominent cities in the state including Lucknow, Kanpur and Varanasi. The buyers had expressed interest to invest in commercial and residential plots in and around Ayodhya city.
Besides studio apartments, 1-BHK flats, second houses and starred hotels are on the cards of the developers. “An agricultural land parcel spread across an acre was available for Rs 75 lakh to Rs 1 crore before the SC order. The price now jumps to Rs 1.25 to Rs 1.50 crore per acre, depending on the location,” said a prominent builder in the city.
“Two five-star hotels have already been signed up. We are hoping that five more would come up in the area besides 20 odd three to 4-star hotels,” he added.
The real estate sector in Ayodhya foresees a good demand for studio apartments or 1-BHK units once the Master Plan is in place “In the next five to seven years, one may see demand for at least 5,000 units in the range of Rs 15 lakh to Rs 30 lakh in this area, with maximum demand coming in from devotees. More than 15 developers have already shown interest,” a senior member of CREDAI said.
