Within month of "Bhoomi Pujan," land prices soar in Ayodhya
What's the story
Land prices in Ayodhya almost doubled, within a month of the ground-breaking ceremony of Ram Temple, the iconic place of worship revered by millions of Hindus.
The current rates show that slowdown induced by the coronavirus pandemic has had no effect in Ayodhya, but the slew of infrastructure projects announced definitely did.
Prices had increased after the Supreme Court's historic 2019 judgment as well.
Significance
Ayodhya remained important but infrastructure didn't match its significance
Though Ayodhya defined the socio-political fabric of India for decades, due to the Ram Temple-Babri Masjid dispute, the poor infrastructure never made it a "hot property."
However, with Chief Minister Yogi Adityanath's plan to make it "India's Vatican," many are jumping in to crack deals and reap benefits later.
The city, which never had hotels, could soon house luxury heritage hotels and international airport.
Rates
In Ayodhya, land costs Rs. 2,000-3,000 per sq. ft.
Property dealer Rishi Tandon said rates have swelled to Rs. 1,000-1,500 every sq.ft in the hinterland. In the main city, it now oscillates between Rs. 2,000 and Rs. 3,000 per sq. ft.
"Before the Supreme Court verdict, one could easily buy land in Ayodhya town for less than Rs. 900/sq. ft.," Tandon told TOI.
On the outskirts, the price was between Rs. 300-450/sq. ft.
Village
Rates also rising in village chosen for Lord Ram's statue
Tellingly, prices are also rising at a nearby village where the 251-meter-high Lord Ram statue is set to come up.
This project was announced by Adityanath years ago, but land acquisition is yet to take off.
Earlier, the state government put out a notice that 86 hectares of land would be required for this statue, and nearly 125 families would be impacted.
Looking back
After SC's verdict, residents got offers to sell properties
The early signs of Ayodhya becoming costlier, land wise, was seen after the SC verdict. Ending the decades-old matter, the apex court ordered that the entire 2.77 acres of disputed land must be given for the temple's construction.
SC also ordered 5 acres of land for mosque.
After the judgment, Ayodhya's old-timers were inundated with irresistible offers for their properties.
Details
Years ago, Hindu-Muslim families sold property at throwaway prices
A property dealer told Forbes India that earlier Hindus and Muslims left Ayodhya and sold their property at throwaway prices. "Now, the rates have multiplied," he said.
Concurring the same thought, a resident Anil Kumar said many offered to buy his property in Rudauli at exorbitant prices.
Earlier, he had to release advertisements to find buyers, but after the verdict, the situation has changed.
Quote
Ayodhya is being seen as a gold mine
"Earlier, people refrained from buying property here owing to the dispute. But now, several projects in Lucknow have been put on hold so developers can focus on Ayodhya instead. It's seen as a gold mine," a Lucknow-based architect Ambereen Saeed had said.
Details
While property race is won, experts talked about caution
With Ayodhya turning into a sought-after town, the district administration has introduced land registry restrictions.
The TOI report said many want to purchase land for religious purposes like setting up dharmshalas and community kitchens.
While the race to own a property picked pace, Om Prakash Singh, executive counselor of Awadh University, suggested against being reckless, adding that Benami properties could have increased rates.