The Stamp and Registration department, typically not known for cheerful news, has become a source of excitement as Ayodhya has reported the highest revenue growth in Uttar Pradesh for November, with a remarkable increase of 109.19%. Yogendra Pratap Singh, assistant commissioner of the department, attributed much of this revenue to land registrations, particularly from the Sadar region.
As construction progresses on the grand Ram temple, with the consecration ceremony scheduled for January 22, land prices in the 15-kilometer radius surrounding the temple have surged. “Outside the 3-kilometer radius, prices range from ₹3,000 to ₹15,000 per square foot; within it, even one biswa (1,360 square feet) is considered precious and could reach ₹25,000 per square foot if available,” stated Vipnesh Pandey, owner of Maa Vaisnavi Developers in Ayodhya.
Before the Supreme Court’s ruling in November 2019 that permitted temple construction, land prices were only 15-20% of current rates, according to Parsuram Mishra of Shri Balaji Ayodhya Property. “The judgment changed Ayodhya’s landscape forever,” he noted.
The Stamp and Registration department’s figures indicate a significant uptick in sale deeds, with 29,325 registered between April and November 2023, of which 70% to 80% are likely for land transactions aimed at investment. The Sadar Sub-Registry office alone recorded 10,479 deeds, in stark contrast to just 5,962 land transactions in Ayodhya for the 2017-18 fiscal year.
This surge can be attributed to growing tourism and hospitality sectors drawing interest from investors and people relocating from other districts in Uttar Pradesh. Surya Tripathi, a former resident of Lucknow now managing a premium hotel in Ayodhya, expressed optimism about the city’s future, stating, “The opening of the Ramayana Hotel brought me to Ayodhya. It is clear that the city will see massive growth in the years to come.”
Government initiatives are further stimulating Ayodhya’s development, with 264 projects worth approximately ₹32,000 crore underway. These projects include infrastructure developments like highways and roads, as well as a new international airport and spiritual center. The government has also acquired substantial land parcels for development.
Prominent hotel chains are making their mark in Ayodhya as well. Kamaljeet Singh, front office manager at the Park Inn by Radisson, announced that they would open in mid-December, offering 80 rooms across three categories: superior, deluxe, and suites. Other hotel groups, including Marriott International and Wyndham Hotels & Resorts, have also signed agreements to establish facilities in the temple town.
Published – December 09, 2023 11:01 pm IST
