A year after the Ram Mandir inauguration, Ayodhya's real estate market has seen a significant cooldown, with a 63% decline in residential property searches in the October-December 2024 quarter compared to the same period in 2023.
AyodhyaReal EstateRam MandirProperty PricesHospitality SectorReal Estate NewsJan 23, 2025
After the Ram Mandir inauguration in January 2024, Ayodhya's real estate market experienced a significant cooldown. There was a 63% year-on-year decline in residential property searches in the October-December 2024 quarter compared to the same period in 2023.
The demand for properties in Ayodhya dropped due to market saturation and a natural cooling down after a period of heightened activity. New developments are primarily targeting the premium segment, which is discouraging potential buyers.
Property prices in Ayodhya saw a significant spike in the April-June 2024 quarter, rising by 29.36% to an average of Rs 8,491 per square foot. However, prices have since normalized, falling to Rs 8,212 in October-December 2024.
The hospitality sector in Ayodhya has seen a slowdown. No major hotel projects have started on the ground in almost a year, with only a few budget hotels and home-stay options added. The Taj Group and Leela Group of Hotels are the only major players currently working on new projects.
The future outlook for Ayodhya's real estate market is cautiously optimistic. The demand for mid-sized and budget hotels and home-stays is likely to grow, but the religious tourism segment in real estate is still emerging. Ayodhya is expected to see good traction in demand and sales after the Ram Mandir project is fully completed in March 2025.
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