Uttar Pradesh: Bollywood Icons Lead Ayodhya Property Boom!

Uttar Pradesh: Bollywood Icons Lead Ayodhya Property Boom!

Mumbai-based Lodha Group, on January 22, also launched a 25-acre plotted development project in Ayodhya.

Rahul MUpdated: Wednesday, January 24, 2024, 10:01 PM IST
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Now that Lord Ram has arrived in Ayodhya, Bollywood biggies have started eyeing prime land for investment purposes! Big B Amitabh Bachchan is reported to have purchased a 10,000 sqft plot in The Sarayu, a 7-star mixed-use luxury enclave in Ayodhya by Mumbai-based group – The House of Abhinandan Lodha (HoABL). Bachchan has purchased the plot for Rs 14.5 crore (approx).

Mumbai-based Lodha Group, on January 22, also launched a 25-acre plotted development project in Ayodhya. In the first phase, 1,250 sqft plots are being sold for Rs 1.72 crore. Each phase is expected to have amenities like swimming pools, parks, club houses etc. Part of the development, according to sources, is theme-based along the lines of “Ram Nagari” and one of the big attractions is the “spirituality” factor in the birth place city of Ram! NRIs from UK, US and South-East Asia have also evinced interest in the project.

According to some local brokers, real estate prices in Ayodhya have risen by 5-8 times after Ram Mandir construction began in August 2020. “Property prices have become unaffordable for locals in some parts of Ayodhya after the entry of real-estate players from outside, like Mumbai, NCR and other districts”, they said.

Anuj Puri, chairman, ANAROCK Group pointed out that there is a growing demand for properties not just from locals but from investors outside Ayodhya as well.

Properties close to the temple area, brokers say, fluctuate between Rs 10,000 and Rs 15,000 per sqft while those located within 6-15 km of the temple site command Rs 4,000-Rs 9,000 per sqft. Prices are likely to go up further in the coming years, they added.

Deokali, Chaudah Kosi Parikrama, Ring Road, Nayaghat, and areas along the Lucknow-Gorakhpur highway are some of the regions where the boom is strong, say brokers. These areas are located within a 6-20-km radius of the temple and are the best to invest in Ayodhya, they maintain.

G Hari Babu, president of the National Real Estate Development Council (NAREDCO), said that as the temple doors open, Ayodhya's story moves forward with hope and promise as it is not just about the temple, but it is a chance for progress in the temple town.

Sunil Sisodiya, founder of Gurgaon based Geetanjali Homestate, a real-estate consultancy firm, said that investing in Ayodhya would be lucrative. “The city's strategic location and upcoming mega projects including the international airport, have catapulted land and property prices. Recent trends indicate a steady appreciation, with an expected ROI (return on investment) of at least 8-10 percent in the coming years”.

After the Supreme Court judgement in 2019 and now the Mandir opening, property registrations are reported to have spiked in Ayodhya. According to data from the Stamp and Registration Department of Ayodhya district, property registrations have gone up by 120% between 2017 and 2022.

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