Ayodhya Ram Mandir: Amitabh Bachchan invests in Ayodhya

The grand consecration of the Ram temple in Ayodhya has sparked a real estate boom in the historic town, attracting attention from investors and celebrities alike. According to reports, property registrations in Ayodhya have witnessed a remarkable surge of 120 percent between 2017 and 2022, with an expected increase in 2023. The town's real estate market started gaining momentum after the Supreme Court verdict in 2019.

Renowned Bollywood celebrity, Amitabh Bachchan, recently made headlines by investing in a plot in The Sarayu, a 7-star mixed-use enclave developed by Mumbai-based The House of Abhinandan Lodha. The 81-year-old actor purchased a 10,000 sq ft plot for over Rs 14 crore. The House of Abhinandan Lodha also launched a 25-acre plotted development project in Ayodhya, reflecting the growing interest in the town's real estate.

Local real estate brokers have reported a substantial increase in property prices since the commencement of the Ram Mandir construction in August 2020. The fluctuation is influenced by factors such as size, location, and proximity to the temple. Property prices near the temple area range between Rs 10,000 and Rs 15,000 per sq ft, while those within 6-15 km command Rs 4,000-Rs 9,000 per sq ft. According to experts, prices are anticipated to rise further in the coming years.

Anuj Puri, Chairman of ANAROCK Group, noted the significant jump in average prices between 2019 and 2023. In 2019, after the Supreme Court verdict, land prices rose to nearly Rs 400-700 per sq ft in the outskirts, and within city limits, average prices stood between Rs 1,000 – 2,000 per sq ft. As of October 2023, average land prices in the outskirts of Ayodhya have jumped up between Rs 1,500 and Rs 3,000 per sq ft, while within city limits, average prices have surged between Rs 4,000 and Rs 6,000 per sq ft.

Real estate consultants and experts believe that Ayodhya presents a lucrative investment opportunity. The town's strategic location, upcoming mega projects, including an international airport, and the Master Plan 2031, requiring Rs 85,000 crore over 10 years, contribute to its appeal. The Master Plan aims to create a new 1,200-acre township, a Rs 2,200-crore project that emphasizes Ayodhya's commitment to modernization.

Global brokerage firm Jefferies predicts a $10-billion makeover of Ayodhya into a global tourist hotspot, with the potential to attract over 50 million tourists annually. The surge in tourism is expected to lead to a five-fold increase in hotel capacity and attract businesses in hospitality, food, travel, and transport. Top business franchises, including hotel chains like Indian Hotels, ITC, Marriott, and OYO, food chains like Burger King, McDonald’s, Jubilant Foods, and Devyani International, as well as airlines like IndiGo, Tata group’s Air India, Spicejet, and others are anticipated to establish a presence in Ayodhya.

Real estate developers, both big and small, are eyeing opportunities in Ayodhya's burgeoning market. Lohia Developers, an Uttar Pradesh-based firm, plans to venture into Ayodhya's real estate, recognizing the remarkable escalation in land prices and the town's growing appeal as a tourism hub.

In conclusion, Ayodhya's real estate is experiencing a surge, fueled by the cultural and religious significance of the Ram temple, coupled with strategic developmental plans. Investors, including Amitabh Bachchan, seem optimistic about the town's potential for lucrative returns, positioning Ayodhya as a promising investment destination in the coming years.