Ayodhya, 12 Dec (HS): With the long-awaited Ram Mandir inauguration only weeks away, the once-sleepy town of Ayodhya is undergoing infrastructure upgrades. This has resulted in a real estate boom in the city, with property values skyrocketing. Investors, hotels, and business owners have flocked to the area, driving up property values by up to three times their original value.
According to local real estate agents, there aren’t any house remaining to buy. “There is no land available in Ayodhya right now,” property trader Kakku Singh remarked. “Outer locations, where tariffs should have been approximately ?3,000… The charges have risen to between ?6,000 and ?7,000. There is no land around the Ram Mandir… if there is, no one is willing to sell… Anyone can get whatever they want,” he continued.
According to data from Ayodhya’s Stamp and Registration Department, around 9,000 homes were sold in 2018-19 till November. The equivalent figure has more than doubled this year. According to figures, 20,067 homes were sold this year till November.
Prices have been rising as the inauguration date approaches. The department’s income has increased to ?15,631.33 lakh as of November this year, up from roughly 10,000 lakh in 2018-19. The Department’s revenue receipts increased by 109% in November, making it the highest in the state.
“I get calls from people who want to acquire land to build hotels and resorts… As a result, the Stamp Department’s revenue has grown,” stated Yogendra Pratap, Assistant Commissioner of the Stamp & Registration Department. Locals expect that the investment would attract tourists and provide a source of income for many.
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