Stamp Duty on Property Transactions in Lucknow
2025-01-30 03:25:05
Ayodhya’s real estate market appears to have cooled off after an initial boom, with residential property searches dropping by over 60% in the October-December 2024 quarter, according to Magicbricks data. Experts attribute this slowdown to market saturation and a natural decline following a period of heightened activity.
Despite a surge in demand and property prices leading up to the Ram Mandir consecration in January 2024, the momentum began tapering off by mid-2024. Year-on-year, residential demand fell by 63% in the October-December 2024 quarter, though supply grew by 39%, keeping the market well-stocked as demand normalised.
The real estate surge had been driven primarily by investor interest, with property prices near the Ram Mandir spiking to between ₹10,000 and ₹15,000 per square foot during the inauguration. However, prices started to stabilise in the second half of 2024, with average residential rates dropping from ₹8,491 per square foot in April-June to ₹8,212 per square foot by the year-end.
The hospitality sector also witnessed slower-than-expected growth. While the government sees immense potential for religious tourism, only a few small hotels and budget accommodations have emerged since the Ram Mandir’s inauguration. Major players like the Taj Group and Leela Group have initiated projects, but large-scale activity remains limited.
Prasun Kumar, Chief Marketing Officer of Magicbricks, noted that much of the available residential inventory has already been sold, and the focus on premium developments has deterred local buyers. He also pointed to slowed temple construction and reduced flight operations as factors influencing cautious buyer behavior.
Looking ahead, experts predict a subdued real estate market for the next two quarters. However, demand is expected to pick up once the Ram Mandir project is completed in March 2025. Ayodhya’s potential for pilgrimage tourism could drive long-term growth in both real estate and the hospitality sector, particularly for mid-range and budget accommodations.
2025-01-30 03:25:05
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