There has been a three-fold increase in property prices in Ayodhya since last year.
Real estate prices in Ayodhya in Uttar Pradesh have doubled since the Ram temple "bhoomi pujan" ceremony with scores of people wishing to own a property in the holy land.
Property rates started rising in the district last year after the Supreme Court paved the way for the construction of the temple at the site where devout Hindus believe god Ram was born. And the prices have shot up since the "bhoomi pujan" ceremony in August this year.
What has further contributed to the exponential rise in prices is limited availability of real estate as the government plans to acquire land for infrastructure projects befitting an international tourist destination, said people aware of property-related developments.
Property prices went up by 30-40 per cent after the Supreme Court verdict in November last year and have doubled on top of that since the "bhoomi pujan" ceremony by Prime Minister Narendra Modi on August 5 this year, they said.
In fact, there has been a three-fold increase in property prices in Ayodhya since last year.
Land on the outskirts of Ayodhya town, which was available at a rate of Rs 400-500 per square feet last year, is now fetching Rs 1,000-1,500.
In the heart of the town, availability of land is limited and the cost ranges between Rs 2,000 and Rs 3,000 per square feet, they said, adding one could easily get land at Rs 1,000 per sq ft in the town before the Supreme Court verdict.
Talking to PTI, Professor Vinod Kumar Shrivastava of Awadh University in Ayodhya said, "Property rates are going sky high. We are observing that a lot of people, from big businessmen to commoners, want a land in Ayodhya. Since the court verdict, Ayodhya has seen a real estate boom."
However, physical purchase of land in Ayodhya is yet to pick up pace because the government is yet to finalise its infrastructure projects and requirement of land.
"For acquisition, the local administration has already put sanctions of registration of land in certain parts of the district. Ayodhya also has a large number of disputed properties, further limiting the pool," Shrivastava said.
Also, a lot of properties that property agents have tagged for sale are wetland and any construction there would require environmental clearance, he added.
After a protracted legal tussle, the Supreme Court had on November 9 last year ruled in favour of the construction of a Ram temple at the disputed site in Ayodhya, and directed the Centre to allot an alternative five-acre plot to the Sunni Waqf Board for building a new mosque at a "prominent" place in the holy town in Uttar Pradesh.
The mosque in Ayodhya was demolished on December 6, 1992 by "kar sevaks" who claimed that an ancient Ram temple stood at the same site.
Prime Minister Narendra Modi attended the "bhoomi pujan" ceremony to begin the construction of the Ram temple on August 5.