Real Estate Boom in Ayodhya-Faizabad Region 2024: Investments Soar Due to Ram Mandir

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Latest Updates on Ayodhya Real Estate Development

Ayodhya Development Authority (ADA) to launch a Housing Scheme by December 2023 end, Private developers set to launch projects

The Ayodhya Development Authority (ADA) is prepared to begin construction on a housing project in Agra, per a recent update. The ADA plans to introduce a housing program in December 2023 against the backdrop of the opening of Ram Mandir in January 2024. The launch of Ram Mandir has caused a sharp increase in Ayodhya's real estate values. Ten times as much is being paid for real estate now as it was four to five years ago.

Private real estate developers are scurrying to invest in the city in addition to the government's planned housing initiative. The House of Abhinandan Lodha, a real estate developer located in Mumbai, plans to invest Rs 1200 Crore in the holy city.Scattered across 25 acres, the planned property will be close to the future Ayodhya International Airport.

The mention of Ayodhya conjures up images of Lord Shri Ram in your head. The real estate market in the area is already booming as the much-anticipated Ram Mandir is being built. Plots for residential use are selling for an average price increase. It's interesting to note how many real estate transactions there have been lately. There will be unmatched real estate growth in the Ayodhya Faizabad region after Ram Mandir construction is completed.

The Ayodhya Ram Mandir's construction is fueling the market for commercial real estate to develop steadily. Real estate investors are quite pleased with the expansion. An expansion of infrastructure and better connectivity will cause the market for commercial real estate to rise steadily.

Ayodhya City: An Overview

The Ayodhya Development Authority is in charge of overseeing Ayodhya City (ADA). The district government plans to build "Navya Ayodhya," a contemporary subcity next to Ayodhya. Over 500 acres will make up the Nvya Ayodhya. The "Gorakhpur Faizabad highway" will be next to where the new township is to be built. The township will have state-of-the-art features like lounges, luxury hotels, and apartment buildings. After Ayodhya Ram temple construction is completed, pilgrims from all over the world are anticipated to visit the city.

Ayodhya

Massive Infrastructure Development 

The district administration of Ayodhya is working to improve the infrastructure services available throughout the city in anticipation of the impending influx of devotees from all over the world. The Saryu Riverfront is changing as a result of the development initiative. The development of contemporary amenities, like well-curated parks, restrooms, lounging spots, retail centers, and leisure centers, is happening quickly. Furthermore, the district government is enhancing Ayodhya's municipal infrastructure. The condition of the sewage system, roads, electricity, and drinkable water supply, as well as the availability of rest areas, all demonstrate the progress. 

Infrastructure development in Ayodhya and Faizabad region is leading to a growth in real estate prices. In addition to this, availability of private hotels, rest houses, dormitories and guest houses is also improving. Intensive development of residential and commercial infrastructure is attracting property investors.

Infrastructure developments in Ayodhya ahead of Ram Mandir Inauguration

In view of the impending inauguration of the Ayodhya Ram mandir, the Uttar Pradesh government has allocated over Rs 133 crore for the infrastructure development in Ayodhya city. The money will be utilized to develop basic infrastructure, sanitation, roads, streetlights and other basic infrastructure.

In addition to this, the Uttar Pradesh government is also developing connecting roads to Ayodhya City. The development of Ayodhya Airport has given a boost to the overall connectivity quotient in Ayodhya. It is the fifth international airport in Uttar Pradesh. 

The Ayodhya Development Authority is leading a Revitalization process of Ayodhya City. Mural Arts and religious paintings are being carved on the walls of the city.  Interestingly, the rapid pace of infrastructure development in Ayodhya is leading to an exorbitant rise in property prices. According to a recent report, property prices in Ayodhya have risen by 4-10 times as compared to five years ago.

Ram Mandir's inauguration is leading to an unprecedented development in the real estate sector of Ayodhya. Many real estate developers have shown interest in developing integrated townships in the city.

The city will witness the development of various privately owned hotels and residential societies in the near future. The Uttar Pradesh government has designated specific land parcels along the Lucknow-Gorakhpur highway for this purpose. 

Heavy government support for infrastructure development has led to increased revenue collection from land registrations. In fact, Ayodhya has become one of the highest revenue-generating cities from land registration in the recent past. 

Ayodhya Airport

The construction of an international airport in Ayodhya is also driving up property values.The area of Ayodhya Airport is 6250 square meters. It plans to begin doing business in October 2023.

The Ayodhya Ram temple is situated eight kilometers from the Ayodhya Airport. Maryada Purushottam Shri Ram International Airport is the airport's full name. The airport will increase the region's connectivity quotient once it opens for business. Enhanced connectivity will directly affect the expansion of residential and commercial real estate. The airport can accommodate six lakh commuters per year.

Railway Stations in Ayodhya

Apart from its air connectivity, Ayodhya city has excellent rail connectivity as well. The Ayodhya Junction and Ayodhya Cant railway stations link the city to the railroad system. The state government is proposing an enlargement of the Ayodhya Junction railway station in anticipation of the impending opening of Ram Mandir. Rail connectivity throughout India will be advantageous to visitors.

Impact on Real Estate with Ram Mandir

The Ayodhya Ram temple is currently under development. As a result, Ayodhya and the surrounding areas have seen a surge in real estate activity. When the Ram Mandir's construction is finished, pilgrims from all over the world will come to Ayodhya. Growth in tourism-related activities will accelerate the rise of real estate.

Since the erection of Ram Mandir, the amount of tourism has nearly doubled. The annual rate of property appreciation was 1-2 percent prior to the construction of the temple. However, since the construction of the temple began, real estate values have increased by 6–10%.

The city of Ayodhya is well-connected. Devotees can travel by road to Ram Mandir because of the smooth road connectivity. The Faizabad Ayodhya area is in close proximity to National Highway 27.

Real Estate Overview of Ayodhya 

If the residential real estate prices are considered, the property price range in Ayodhya falls in the following range-

Category

Area Range

Price Range

Average Prices

Residential Plots

1000 Sq ft - 100000 Sq ft

Rs 10 Lakh- Rs 11 crore

Rs 2500 per sq ft

Residential Houses

700 sq ft -1800 sq ft

Rs 65 Lakh - Rs 5.50 Crore

Rs 5500 per sq ft

Near Ayodhya, places such as Deokali, and Faizabad Road, are experiencing massive investments in both residential and commercial real estate. 

If we talk about the commercial real estate scenario, prices are nearing their peak. However, property prices vary based on the type of property, distance from the Ram temple, location and age.

You can take a place on rent at Rs 5000-10000 in the Faizabad-Ayodhya region. The most popular denomination for rent-seekers is 2 BHK.

Areas that are experiencing heightened real estate activity in Ayodhya are:

  • Gorakhpur Faizabad Highway 
  • Deokali
  • Gayatri Puram
  • Angoori Bagh
  • Subhash Nagar 
  • Wazeerganj
  • Sahebganj, 
  • Ambedkar Nagar
  • Awas Vikas Colony 
  • Khurdabad

Hotels in Ayodhya Faizabad

As Ayodhya is a popular tourist destination, there is an ample availability of Hotels and rest houses. A compilation of popular hotels in Ayodhya are as follows-

Hotels in Ayodhya Faizabad Region

Taraji Resort Hotel

Sri Ram Hotel

Royal Heritage Hotel and Resort

Saket Hotel

Hotel RBS

Hanumant Palace

Rama Residency

Hotel Siyaram

Hotel ORS Residency

Hotel Raghupati

Hotel Madhav Bhavan

Hotel Vaidehi Bhawan

Hotel Nirmala Palace

Hotel Rameshwaram Palace

Hotel Ramay Palace

In addition to the mentioned hotels, there are several budget hotels and dormitories available for the visitors. These hotels can be booked from online portals.

Ayodhya Ram Mandir: Features

August 2020 saw the start of Ram Mandir's construction. The managing organization for the construction of the Ram temple is Shri Ramjanmbhoomii Teerth Kshetra.

Larsen and Toubro (L&T) is leading the construction of the Ayodhya Ram Mandir without collecting any fees. The project management consultant for the Ayodhya Ram Mandir project is Tata Consulting Engineers.

Prominent organizations including the National Geophysical Research Institute, the Indian Institute of Technology (IIT), and the Central Building Research Institute (CBRI) are supporting L&T in addition to it. Construction is receiving guidance from experts from these prestigious institutions. Reportedly, hundreds of years will pass before the Ram Mandir needs repairs.

  • Besides the main temple of Lord Ram, the temples of Hanuman, Surya, Ganesha, Annapurna, Shiva and Durga will also be constructed.
  • The Chief Architect of the Ram Temple is renowned architect Chandrakant Sompura.
  • The Ayodhya Ram temple will be 360 feet long, 235 feet wide and 161 feet high.
  • The ram temple will be built in the Gujara-Chalukya style of architecture.
  • The main structure of the temple will be built on a raised platform and will have three storeys.
  • The construction of the Ram temple will be done with over 600 thousand cubic feet of mountain stones from Rajasthan.
  • Both traditional and modern construction techniques are employed in the construction of temples.
  • Iron will not be used in Ram Mandir construction.

Concluding Real Estate Impact on Ayodhya After Ram Mandir

Real estate investors are anticipating the Ram Mandir's inauguration with great anticipation because it is an ambitious and much anticipated project. Travelers from all over the world will come to Ayodhya Ram Mandir since it is a widely revered pilgrimage site. Investors will naturally gravitate towards the Ayodhya Faizabad region as infrastructure, connectivity, social amenities, and citizen-centric services are developed. Ayodhya International Airport is expected to enhance the tourism sector as well. It will benefit the growth of real estate as well.

 

Also Read: Real Estate In India: Navigating Thе Invеstmеnt Maze For 2024

Frequently Asked Questions

Ans 1. Ayodhya Ram Mandir is under construction and will be completed by January 2024.

Ans 2. Ayodhya international airport is under construction and will be operational by October 2023.

Ans 3. The ancient name of Ayodhya City was Saketa.

Ans 4. Ayodhya Faizabad region is connected by Ayodhya Junction and Ayodhya Cantt railway station.

Ans 5. No, Ayodhya Airport will be operational in October 2023.

Ans 6. National Highway 27 passes close to Ayodhya Faizabad.

Ans 7. Faizabad is the twin city of Ayodhya and located in close vicinity.