In recent years, there has been a noticeable surge in real estate opportunities in temple towns across India, particularly in places like Varanasi and Ayodhya.
The question arises: Are gods smiling upon real estate investors in these spiritual hubs?
Let’s delve into the factors contributing to the real estate boom and what it means for investors.
Ayodhya’s Real Estate Boom
Ayodhya, a town steeped in religious significance, has witnessed a remarkable transformation in its real estate landscape.
The consecration ceremony of Ayodhya Ram Mandir held recently has catapulted land prices to unprecedented levels, rivaling those in established cities like Noida and Greater Noida.
The driving force behind this surge includes massive infrastructure development, such as the revamped Kashi Vishwanath Corridor and the expansion of the airport runway.
These improvements and real estate opportunities in temple towns have not only enhanced the overall economy of the town but also attracted a substantial increase in tourist footfalls.
Property Price in Ayodhya
According to real estate experts, Ayodhya’s property rates are now among the highest for pilgrimage towns, with an average residential price close to ₹5000 per sq ft and commercial property at around ₹8000 per sq ft.
Also Read: Tourism in Ayodhya: US Firm Collaborates for 100 Room Resort in Ayodhya
Monthly rentals for a 2BHK housing unit range between ₹18,000 to ₹20,000, reflecting the growing demand for residential spaces.
Additionally, the advent of homestay options has opened up new avenues for income, with room rentals fetching around ₹1500 per night.
Celebrities Join the Bandwagon
The allure of Ayodhya’s real estate boom extends to Bollywood, with megastar Amitabh Bachchan reportedly purchasing a plot in The Sarayu, a 7-star enclave developed by The House of Abhinandan Lodha.
Such high-profile investments not only bolster the town’s appeal but also contribute to the growing interest from various segments of society.
Diverse Investor Interest in Ayodhya
Ayodhya’s real estate boom is not confined to domestic investors alone. Approximately 24% of the interest in ongoing projects hails from NRIs in the Middle East and the US, showcasing the global appeal of Ayodhya’s development.
Regions like Delhi NCR, Lucknow, Kanpur, Meerut, and others contribute to the remaining interest, indicating a widespread attraction to the town’s growth story.
Real Estate Opportunities in Temple Towns
Ayodhya is not the sole beneficiary of this real estate trend. Temple towns like Varanasi, Haridwar, Mathura, and Vrindavan are also witnessing an uptick in property values.
The government’s focus on enhancing infrastructure, such as the Mahakaleshwar Corridor in Ujjain, has led to increased tourism footfalls and a subsequent positive impact on the real estate sector.
Investment Considerations
Traditionally, investors in these temple towns fall into two categories, those seeking rental and resale value and genuine buyers fulfilling long-cherished aspirations.
Also Read: Ayodhya Hotels Earning: Rs 20 Crore in 3 Days After Ram Mandir Opening
Real estate experts suggest that while return on investment remains a key focus, future asset classes could include senior living or fractional ownership.
Tier 2 and 3 Growth
The growth of temple towns aligns with the broader development narrative of Tier 2 and Tier 3 cities. Infrastructure improvements within temple complexes, new roads, highways, and airport enhancements contribute to increased tourism footfalls and overall economic development.
Ujjain’s example highlights how such development can create opportunities for real estate investors along new highways and in proximity to revamped temple zones.
Diverse Appeal and Global Reach
The widespread appeal of temple town projects is evident in the diverse interest they attract. NRIs, local buyers, and investors from different regions collectively contribute to the success of these projects.
The strategic focus on nationally significant infrastructure growth corridors ensures that the appeal extends beyond the immediate vicinity.
Conclusion
In conclusion, the gods seem to be smiling upon real estate investors in temple towns like Ayodhya.
Also Read: SBI Research on Ayodhya Ram Mandir: Rs 4 Lakh Crore Economic Boost
The confluence of religious significance, government-led infrastructure development, and a diverse investor base has created a unique opportunity for those looking to invest in the spiritual and cultural heritage of India.
As the real estate landscape continues to evolve, these temple towns stand as testament to the enduring appeal of combining spirituality with investment potential.
