According to Magicbricks, an online real estate portal, average property rates in Ayodhya, where the Ram Mandir was opened to the general public on January 23, have elevated by 179 percent in the last three months
The portal states, “According to Magicbricks Research, average prices in Ayodhya have increased from Rs. 3,174 per sq ft in October 2023 to Rs. 8,877 per sq ft in January 2024”.
Together with this, the portal claims that the searches for residential properties in Ayodhya have ascended 6.25 times. Throughout the same three-month period, the platform has seen a whopping 6.25x jump in searches for residential properties in Ayodhya. This increase in searches indicates a growing interest from potential home buyers and growing residential demand in the city.
Commenting on this, Amit Singh, a resident real estate broker from Ayodhya says, “There has been no change in circle rates in the city in the last 5-6 years but the market rate of Ayodhya properties is very high, thereby creating a gap between the prices. In some pockets of the city, the prices are now unaffordable, especially for locals”.
He adds, “The spike in property prices has been the highest in the last six months because of the opening of the Ram Mandir and infrastructural development in the city. To cash in on the opportunity, many buyers from other districts and regions across the country have purchased properties here at higher rates, which has changed the real estate market dynamic”.
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