Here are the 5 stories that you need to be aware of from this past week:

• 2024 trends: Mumbai, Pune, and Hyderabad are set to drive India's residential real estate growth in 2024, per Housing.com. The market outlook is positive, with rising demand for larger homes and luxury apartments. Despite challenges, buyer confidence is high, and growth is expected not just in metros but also in Tier-2 cities, with significant rental market growth anticipated. Gated communities are becoming increasingly popular among homebuyers preferring new developments over resale properties. Read more
• Growing lux: The Mumbai luxury real estate market has seen growth in 2023, with a notable increase in sales of ₹3-7 crore homes, comprising 30-35% of property registrations. Revenue from registrations rose significantly, and developers expect this trend to continue into 2024, driven by upgrades to larger apartments and improving economic factors. Read more
• The buzz: The World Realty Congress in Dubai showcased the latest in real estate, focusing on AI, sustainability, and regulatory compliance. It drew over 500 attendees from 10 countries, and included masterclasses and awards, highlighting industry innovation and excellence, with a promise to continue redefining the sector in its future editions. Read more
• Economic boost: Fitch Ratings predicts a margin boost for Indian corporates in FY25 due to rising demand and easing input costs. Despite global challenges and recent monetary tightening, India is expected to see resilient 6.5% GDP growth, driven by strong sectors like cement, electricity, and petroleum, with improved infrastructure boosting steel demand. However, slowing US and Eurozone growth may moderate IT services growth, offset by easing wage pressures enhancing profitability. Rising domestic auto sales and improved travel conditions also contribute positively. Read more
• Not a ‘doom’er: Yann LeCun, Meta's chief AI scientist, dismisses dire AI predictions, advocating for open-source AI and its benefits over corporate control. While acknowledging challenges, he emphasizes AI's potential for progress and safety, advocating for an approach where AI's development is shared and regulated sensibly, ensuring it serves global needs. Read more

As the consecration ceremony of the much-awaited Ram Mandir in Ayodhya approaches this January, the real estate landscape of this once-sleepy, once-scarred town is experiencing an unprecedented boom. Lord Ram's grace seems to be echoing through the Ayodhya-Faizabad region, transforming it into a sought-after destination for bhakts and businesses alike.

The Rama effect: The inauguration of the Ram Mandir is not just a spiritual milestone but a catalyst for tangible transformations in Ayodhya's real estate. The Ayodhya Development Authority (ADA) is gearing up to launch housing schemes in the region, marking a pivotal moment in the town's real estate narrative. With prices soaring, opportunities are ripe for those with a keen eye on Ayodhya's burgeoning real estate market.

Sold out: Ayodhya represents more than just a market. Currently, it's a canvas of possibilities. With the surge in property prices (up to 10% per square foot compared to pre-verdict times), developers and agents find themselves navigating a landscape of increased demand. The scarcity of land has made each parcel a coveted commodity, and those adept at facilitating these transactions stand to gain significantly. However, interested buyers must make a beeline for the janmabhoomi as local sellers report no more properties being left for sale, at least in the retail market.

Case study: The Mumbai-based real estate developer, The House of Abhinandan Lodha, has announced investments of ₹1,200 crore in the region as a testament to the faith in Ayodhya's potential. The plotted 25-acre upcoming development, strategically located near the Maryada Purushottam Shri Ram International Airport, signifies a savvy move from them to tap into the rising demand.

Radiating radiance outwards: For homebuyers seeking residence at the lord’s feet, Ayodhya beckons not just as a spiritual haven but also as a real estate paradise. The surge in property prices is a testament to the town's burgeoning popularity. However, strategic decisions are paramount. Researching the right locations, understanding the upcoming developments, and staying informed about government housing schemes, such as the one planned by the Ayodhya Development Authority, will become crucial as spaces get sold out.

• New India’s ‘Navya Ayodhya’: While it might be too late to seek properties in the heart of Ayodhya, nearby alternatives are still available. ‘Navya Ayodhya’, a modern sub-city near Ayodhya is in the works as per the district administration. The 500-acre township will be developed close to the Gorakhpur Faizabad highway and equipped with “ultra-modern facilities”. As Ayodhya grows, so will Navya Ayodhya.

More than just homes: Investors are eyeing Ayodhya with a keen interest. The expected influx of tourists, coupled with the city's rising prominence, positions Ayodhya as a lucrative investment opportunity. Whether it's investing in commercial properties, hotels, or participating in plotted developments, Ayodhya offers a diverse array of options. As the Ayodhya airport gears up for commercial operations, the connectivity boost further sweetens the deal for potential investors. So for anyone looking to invest in Ayodhya in any form, diversification must be key.

Ayodhya's real estate landscape is experiencing a divine makeover, and those attuned to the rhythms of the market can partake in basking in the lord’s blessings. As the Ram Mandir prepares to open its doors, it symbolizes not only a spiritual landmark but also a gateway to prosperity in the real estate realm. For professionals, homebuyers, and investors, the divine boom in Ayodhya is a call to action - a call to unlock the gates of opportunity and script a new chapter in realty's own Ram Rajya.

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Disclaimer: This newsletter is intended for informational purposes only and should not be construed as professional advice. Please conduct your own due diligence prior to making any decisions.