“Property rates even in the interior of Ayodhya have soared to Rs 1,000-1,500 per square foot. In the heart of the city, rates are currently in the range of Rs 2,000-3,000 per square foot,” he told TOI the real estate consultant Rishi Tandon. “Before the Supreme Court verdict, one could easily buy land in Ayodhya city for less than Rs 900 per square foot.”
The immediate trigger for this unprecedented demand for land was the announcement of large infrastructure projects, 3-star hotels and an international airport by the UP prime minister. Yogi Adityanath, who also promised to turn the pilgrimage city into “the Vatican of India.”
Although Ayodhya has occupied the center of the political stage for decades, the state of the infrastructure in the temple city belies its importance. The closest hotel was 6 km away, in Faizabad city. The rates for the land on the outskirts of the city reflected the lack of services, with the current rate being Rs 300-450 per square foot.
While the land is not exactly being eaten, this has more to do with the state government’s plan to acquire large parcels for various projects. Prospective buyers are wary of their investment being frozen if they buy land for a premium and then it is acquired by the state, Tandon said.
“This is the other side of the boom. If the new owners are paid at current circular rates, which have not increased, they would suffer huge losses. Hence the hesitation. ”
Property liaison agent Saurabh Singh said the local administration had already put restrictions on property registration. In addition, many properties have disputed ownership and most of the parcels labeled for sale are wetlands near Saryu that are under the supervision of the National Green Court. While some buyers want land for purely religious purposes, such as establishing dharmshalas and community kitchens, many see it as a future-proof investment.
Delhi-based real estate consultant Imran Rasool said he was not surprised by the fight for a piece of Ayodhya. “People from all over India and all income groups now want property in the temple city. Rates are market-driven, though unheard of elsewhere amidst the pandemic. ” But Om Prakash Singh, executive advisor of Awadh University, warned not to get on the train. “The best bureaucrats, policemen and politicians are in the race to buy land. Benami properties have increased prices even more, ”he said.
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