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Mumbai-based real estate company to invest Rs 1,200 crores for projects in Ayodhya: How Ram Mandir is boosting economy in UP’s temple town

Mumbai-based real estate company The House of Abhinandan Lodha has invested nearly ₹300 crore in acquiring a 25-acre land parcel in Ayodhya and has laid out a plan to launch a plotted development project in January 2024.

From resistance to reclamation, Ayodhya the holy city in Uttar Pradesh has witnessed numerous changes over the years. The city known for its narrow lanes has now emerged as a major destination for real-estate investors. This comes ahead of the consecration ceremony of the Shri Ram Mandir on January 22 next year. In this line, Mumbai-based real estate company The House of Abhinandan Lodha has invested nearly ₹300 crore in acquiring a 25-acre land parcel in Ayodhya and has laid out a plan to launch a plotted development project in January 2024.

The project is situated approximately 12 to 15 minutes from the Shri Ram Temple. According to Samujjwal Ghosh, Chief Executive Officer (CEO), HOABL, the company expects to invest roughly 1200 crore over three to four years that is by December 2026. 

Ghosh told HT that HOABL is planning to launch 200-250 plots in Ayodhya the next year. These plots are estimated to cost around Rs 1.8 crore plus taxes for a 1250 sq ft plot.

As the inauguration of the Ram Mandir in Ayodhya is nearing, the spiritual town is undergoing a real estate boom and transforming into a major centre of spiritual tourism. According to real estate agents, with multiple investors from around the country and even overseas vying for fewer land parcels, property values have skyrocketed, in some cases four to ten times what they were around four to five years back.

According to reports, the government has approved the development of various townships and private hotels in the city. These lots are near the Chaudah Kosi Parikrama, the Ring Road, and the Lucknow-Gorakhpur Highway. The Ayodhya Development Authority intends to present a plotted housing scheme spanning 80 acres of land by the end of 2023. 

Between April and November of this year, up to 29,325 sale deeds were registered in Ayodhya, with land transactions accounting for 80 per cent of the total,  as per Stamp and Registration department estimates. Local real estate dealers underscore that land costs were about one-fourth of how much they are now before the 2019 Supreme Court decision that paved the way for the construction of Ram Mandir in Ayodhya.

Parasuram Mishra, a broker at Shri Balaji Ayodhya Property told the Hindustan Times that prices of land within a radius of 5-10 km of the temple have increased much more. The rates range from Rs 2000 per sq ft to as high as Rs 18,000 per sq ft adding that commercial plots start at around ₹4000 per sq ft depending on the location.

Reports say that the state’s Stamp and Registration Department’s revenue has increased to Rs 15,631.33 lakh as of November this year, up from roughly Rs 10,000 lakh in 2018-19. The Department’s revenue receipts increased by 109% in November, making it the highest in the state.

With skyrocketing investments in the sacred land, the influx of tourists ahead of and after the consecration of Ram Mandir will surge. This would open doors for employment and business opportunities for the local people.

Travel and hospitality sector to benefit from tourism boom in Ayodhya

In addition to the real estate sector, the hotel chains rushing to Ayodhya are also hopeful of raking in huge profits with the tourism boom in the city. As the state government led by Chief Minister Yogi Adityanath and the Centre are undertaking around 264 projects worth about Rs 32,000 crore, including highways, roads, infrastructure, a green field township, an international airport, an international spiritual centre and whatnot, the travel and hospitality sector will flourish in the city. Reports say that there are five branded hotels with a total of 520 rooms in different stages of development in the city as of now.

Notably, Indian Hotels Company Limited (IHCL), Marriott International, Sarovar Hotels & Resorts, and Wyndham Hotels & Resorts have already signed deals to build hotels in Ayodhya. These hotels are expected to be operational by 2024.

Eight concepts of Ayodhya development

Chief Minister Yogi Adityanath has repeatedly ordered officials to focus their efforts on eight key concepts for restoring Ayodhya’s magnificence. Concrete progress is now noticeable as the state government remarkably boosts initiatives to bring Saketpuri, situated on Lord Vishnu’s wheel, to the forefront in the forms of Sanskritik (cultural) Ayodhya, Saksham (capable) Ayodhya, Adhunik (modern) Ayodhya, Sugmay (accessible) Ayodhya, Surmay (beautiful) Ayodhya, Bhawatmak (emotional) Ayodhya, Swacch (clean) Ayodhya, and Ayushman (healthy) Ayodhya.

Ram Mandir Consecration ceremony

The preparations for the Pran Pratishtha or the consecration ceremony of the Ram Temple in Ayodhya are going on in full swing. Champat Rai, General Secretary of the Ram Mandir Trust, said that the consecration ceremony will take place on January 21, 22, and 23 of the coming year. Prime Minister Narendra Modi will perform the pran-pratishtha for the deity. The event will also witness the presence of prominent saints and other noted figures. According to Champat Rai, the temple trust aims to invite more than 25,000 Hindu religious leaders from 136 Sanatan traditions for the ceremony.

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