The inauguration of the long-awaited Ram Mandir only weeks away, the once-sleepy town of Ayodhya is going through an infrastructure overhaul. This has caused a real estate boom in the city with property prices sky rocketing. Investors, hoteliers and business owners have rushed into the city, pushing up property prices by as much as thrice the original price
Local property dealers say there are hardly any properties are left to buy. "There is no now land available in Ayodhya," said property dealer Kakku Singh.
"In the outer areas, where the rates should have been around Rs 3,000... The rates have gone up to Rs 6,000 to Rs 7,000... Around the Ram Mandir there is no land... if there is, here is no rate... A person can get whatever they ask for," he added.
Data from Ayodhya's Stamp and Registration Department shows in 2018-19, around 9,000 properties were sold till November. This year, the corresponding figure has more than doubled. Till November, 20,067 properties have been sold this year, data shows.
The prices have been peaking as the date of inauguration approaches.
The revenue generated by the department has risen to Rs 15,631.33 lakh up till November this year from around 10,000 lakh in 2018-19.
The Department's revenue receipt for November in terms of per cent hike was 109 per cent -- the highest in the State.
"I receive phone calls from people who want to buy land to start hotels, resorts... So this has increased the revenue of the Stamp Department," said Yogendra Pratap, Assistant Commissioner of the Stamp & Registration Department.
The locals hope the investment will bring tourists and provide a means of income for many.
Rajjan Lal, who lives 40 km from Ayodhya, has sold of his property in the village and bought a 1000 sq ft plot to start a small shop selling cement near Ayodhya to benefit from the booming infrastructure expansion.
"Because of the temple construction, there is a chance to have good income...I will do business here, but the rates are high as well," he said.
The government is also planning to build a 4.40-acre Tourism Facilitation Center in Ayodhya. The estimated cost will be Rs 130- crore.
Under the project, various commercial centres, including a tourism office, passenger accommodation, art and craft centre, food court, shopping mart, and parking space, will be developed in the tourist centre. The project is expected to take off shortly.
The international airport being built in Ayodhya is expected to be finished by the end of this month, Union aviation minister Jyotiraditya Scindia has said.
